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.
During the recent Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China pledged to encourage its "powerful" companies to invest in Nigeria, signaling a stronger strategic partnership between the two countries. The commitment was made following a meeting between Chinese President Xi Jinping and Nigerian President Bola Tinubu, emphasizing mutual interests in economic development, security, and regional stability.
Key Highlights:
Economic and Trade Cooperation: China welcomed Nigeria to its e-commerce and logistics sectors and expressed its intent to assist in diversifying and strengthening the West African nation’s economy. The two countries agreed to enhance "flexible and diverse" regional monetary and financial cooperation, including local currency swaps, to promote bilateral trade. President Xi Jinping underscored the importance of this partnership in bolstering China-Africa relations and fostering progress among Global South countries.
Security and Intelligence Collaboration: The partnership includes commitments to enhance Nigeria's military capabilities, covering military technology, equipment, and intelligence. Both countries also agreed to collaborate on intelligence-sharing to combat money laundering and terrorist financing and to maintain peace and stability in the Sahel region, the Gulf of Guinea, and other areas.
Investment in Infrastructure and Technology: The collaboration will expand under China’s Belt and Road Initiative, focusing on infrastructure development, human resources, and nuclear energy. Nigeria has already benefited from significant Chinese investments, including a deep sea port and rail lines. Additionally, Nigeria secured commitments from Huawei to establish a joint solar photovoltaic test lab and from another Chinese firm to build an assembly plant for electric tricycles, as well as train Nigerians in technology and renewable energy development.
China, Nigeria's largest bilateral lender with loans amounting to $5 billion, sees this partnership as a means to drive robust development, stability, and security in West Africa, contributing to a comprehensive strategic alliance between the two nations.
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