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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Eight Companies, Including Petronas, Win Bursa Malaysia’s First Carbon Credit Auction from Kuamut Project

National oil and gas company Petroliam Nasional Bhd (Petronas) was among eight successful bidders for Malaysia’s first nature-based carbon credits auction. The auction, organized by Bursa Malaysia Bhd’s (KL) subsidiary Bursa Carbon Exchange (BCX), featured carbon credits from the Kuamut Rainforest Conservation project in Sabah.

Key Takeaways:

  • Winning Bidders: The successful bidders included Petronas, Malayan Banking Bhd (KL), Gas Malaysia Bhd (KL
    ), Yinson Holdings Bhd (KL
    ), CIMB Bank Bhd (the banking arm of CIMB Group Holdings Bhd - KL
    ), BBB Asia Capital Bhd, Eco Green Carbon Ventures Sdn Bhd, and TROX Malaysia Sdn Bhd.
  • Carbon Credit Auction: The auction allows companies to reduce their environmental impact by offsetting greenhouse gas (GHG) emissions. The auction of the domestic forest protection and regeneration project cleared at RM50 per contract.
  • Environmental and Social Benefits: The Malaysian nature-based carbon credits plus (MNC+) contracts provide co-benefits in preserving the environment, improving local communities' livelihoods and well-being, and protecting biodiversity.
  • Benchmark Price: The auction establishes a benchmark price for voluntary carbon credits for Malaysian nature-based carbon projects.
  • Kuamut Project Recognition: The Kuamut project has earned international recognition and is rated as one of the highest-rated improved forest management (IFM) projects globally by BeZero Carbon.
  • National Importance: The project demonstrates that Malaysian forests can yield high-integrity carbon credits, supporting Malaysia's commitment to maintain at least 50% of the country’s land under forest and tree cover, a pledge made during the Earth Summit in 1992.

The success of the Kuamut project and the auction paves the way for other states in Malaysia to preserve their forests and natural resources, contributing to national and global environmental goals.

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