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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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LME Approves Saudi Port as Warehouse Delivery Point for Copper and Zinc

The London Metal Exchange (LME) has approved the Red Sea port city of Jeddah in Saudi Arabia as a new warehouse delivery point for copper and zinc, the exchange announced on Monday.

Key Takeaways:

  • New Warehouse Location: Jeddah has been approved as a delivery point for copper and zinc. The listing will become active three months after the first warehouse company has been approved in this new location.

  • Strategic Importance: Warehouses registered with the LME, the world's largest and oldest metals trading venue, are typically situated in regions of significant metals consumption or major transit hubs such as Rotterdam.

  • Saudi Arabia’s Vision 2030: This approval aligns with Saudi Arabia's ambitious industrial development and logistics programme, which is part of its Vision 2030 reform plan. The plan aims to position the kingdom as a major global player in the energy, mining, logistics, and industry sectors.

  • Background: In March, the LME announced plans to add Jeddah as a new delivery point, pending consultation about a technical change to the LME warehouse framework.

  • Policy Amendments: The LME also amended a clause in its policy on the approval of locations as delivery points related to warehouse insolvency following a consultation.

  • Ownership: The LME is owned by Hong Kong Exchanges and Clearing.

The approval of Jeddah as a delivery point underscores the growing strategic importance of Saudi Arabia in the global metals market, supporting the kingdom's broader economic and industrial ambitions.

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