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.
Petronas and the Sarawak government have confirmed that no legal action is being considered regarding the distribution of natural gas in Sarawak, clarifying the situation after rumors suggested otherwise. In a joint statement issued by the Sarawak Premier's Office on Tuesday, the two parties, along with Petroleum Sarawak Bhd (Petros), emphasized that ongoing discussions are progressing well and are expected to conclude soon.
The statement confirmed, "No legal action is being contemplated by Petronas against Sarawak and Petros." The parties also expressed their commitment to adhering to both federal and state laws on the matter.
This clarification follows Petros' gas sale agreements (GSAs) signed in July with Sarawak Petchem Sdn Bhd and Sarawak Energy Bhd, which indicated that Petros would take over from Petronas as the sole gas aggregator in the state. Sarawak is seeking greater control of its oil and gas resources, a key issue in ongoing negotiations related to the Malaysia Agreement 1963.
Concerns were previously raised about how this new arrangement could impact Petronas' cash flow, potentially affecting its dividend payments to the federal government. Petronas President Tan Sri Tengku Muhammad Taufik acknowledged these challenges at the group's recent financial results briefing.
Despite speculation that Petronas might seek a court injunction to maintain its role as the sole custodian of Malaysia’s hydrocarbon resources, Sarawak Premier Abang Johari Openg dismissed such claims, emphasizing that discussions were ongoing and expected to conclude by October 1. Sarawak remains intent on collaborating with Petronas in upstream and downstream activities within the state, signaling a cooperative relationship moving forward.
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