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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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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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