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.
Key Highlights:
Hong Kong's Green Finance Ambition: Hong Kong is taking significant strides to cement its position as a green finance hub by mandating banks to issue green bonds in multiple currencies: US dollars, euros, and offshore yuan.
Investor Engagement: The Hong Kong Monetary Authority (HKMA) is leading this initiative, organizing a series of fixed income investor calls starting July 16. This effort aims to attract a diverse range of investors to the green bond market.
Government's Sustainable Bond Program: As part of a broader government initiative, this push aligns with Hong Kong’s sustainable bond program, which has set an ambitious borrowing ceiling of HK$500 billion (approximately RM299.66 billion) for the 2024-2025 budget year. These funds will be allocated to green and sustainable projects.
Recent Successes: Earlier this year, Hong Kong successfully priced US$750 million (RM3.5 billion) in green bonds across four currencies. This follows a remarkable 2023 where the city issued US$6 billion in sustainable bonds, marking Asia’s largest-ever green debt offering.
Why This Matters to Investors:
Diversification Opportunities: The issuance of multi-currency green bonds offers investors a chance to diversify their portfolios with environmentally sustainable investments.
Market Leadership: Hong Kong’s proactive approach highlights its leadership in the green finance sector, potentially setting a benchmark for other financial hubs in Asia and beyond.
Economic and Environmental Impact: The funds raised will be directed towards projects that not only promise financial returns but also contribute positively to environmental sustainability, aligning with the growing investor preference for responsible investments.
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