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
US Customs and Border Protection (CBP) has intensified its scrutiny of Indian solar panels, detaining nearly $43 million worth of electronics shipments from India since October 2023 under the Uyghur Forced Labor Prevention Act (UFLPA). This represents a new focus for the agency as it seeks to enforce the 2022 law that bans goods made with forced labor, particularly those linked to China's Xinjiang region.
Key Takeaways:
Increased Enforcement Under UFLPA: The detentions mark the first time Indian electronics shipments, potentially including solar panels, have been held under the UFLPA. Polysilicon, a key material in solar panels, is a high-priority sector under this law, suggesting that the detained goods may involve solar products containing Chinese components.
Impact on Indian Solar Industry: Indian solar panel manufacturers have seen a significant increase in exports to the US, capitalizing on the void left by Chinese suppliers affected by UFLPA enforcement. However, the recent detentions highlight the risks for Indian producers who may still rely on Chinese components, potentially undermining their position as an alternative source for US solar project developers.
Compliance and Challenges: Top Indian suppliers, such as Waaree Technologies and Adani Enterprises, have faced detentions, with Adani confirming that its shipments have been released after complying with UFLPA regulations. This increased scrutiny signals that US authorities are expanding their enforcement efforts beyond China-based manufacturers, impacting global supply chains and raising challenges for Indian exporters.
The detentions pose a setback for India’s solar industry as it seeks to establish itself as a reliable supplier to the US market. The situation underscores the complexities and risks associated with global supply chains in the renewable energy sector, particularly in the context of stringent US trade laws aimed at curbing forced labor.
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