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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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UK Confirms Record £1.5 Billion Budget to Boost Green Power

 

The UK government has confirmed a record allocation of £1.5 billion (US$1.9 billion or RM8.87 billion) to support new renewable power capacity in an upcoming auction, marking a significant step towards eliminating carbon emissions from its power grid.

Key Allocations and Objectives

The increased budget includes £1.1 billion specifically for offshore wind farms, as initially reported by Bloomberg News. This move follows a previous auction that failed to attract bidders due to the low guaranteed power price.

“This will restore the UK as a global leader for green technologies and deliver the infrastructure we need to boost our energy independence, protect bill payers, and become a clean energy superpower,” stated Energy Secretary Ed Miliband.

Strategic Importance

The higher budget aims to kickstart projects that require several years to complete. The UK's newly elected administration has set an ambitious target to achieve a zero-carbon power grid by 2030. The previous government had also increased the maximum price and budget to stimulate investment in the sector.

Funding Sources and Fiscal Impact

The funding will not come from the central government's budget, ensuring it doesn't impact fiscal considerations by Chancellor of the Exchequer Rachel Reeves. Instead, it will be sourced from charges on energy bills.

Support for Emerging Technologies

In addition to offshore wind funding, £270 million will be allocated for emerging technologies, such as floating wind farms, which have only been deployed on a small scale so far.

Contracts for Difference

The UK uses contracts for difference to support new renewable capacity. Under this system, developers agree to sell power at a fixed price for 15 years. If market prices fall below the contract price, energy consumers pay to top them up. Conversely, higher prices result in bill payers being reimbursed.

Industry Response

“The auction needed a reset after last year and we welcome the increased budget, which is an important investment signal,” said Keith Anderson, chief executive officer of ScottishPower.

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