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.
Europe's ambitious plan to curb global deforestation, pledged at the COP26 climate conference three years ago, was delayed on Wednesday after intense pressure from countries such as Brazil and the US. The European Union (EU), originally aiming to implement deforestation targets this year, has now pushed back the start date to 2025, symbolizing the challenges in balancing environmental goals with global trade demands.
The delay is a result of the EU’s Green Deal facing growing resistance both domestically and internationally. Businesses and emerging economies expressed concerns about the time and costs required to comply with the EU’s new deforestation regulation, which aims to eliminate the EU’s role in deforestation through its demand for commodities like coffee, cocoa, soy, and beef.
The deferral comes after over US$110 billion in trade was set to be impacted by the European Deforestation Regulation (EUDR). Calls from commodity suppliers and even EU member states led to the one-year postponement. Right-wing political movements across Europe, emphasizing competitiveness over green ideals, further influenced the decision, with farmers voicing their struggles amid inflation and overregulation.
The regulation demands that every commodity, from coffee beans to timber, be traceable, causing concerns among developing countries and smallholder farmers. Countries like Indonesia labeled the move as “regulatory imperialism,” while EU officials argued that geolocation data could be easily managed through modern technology.
Environmental groups, however, see the delay as a blow to the EU’s credibility. They worry that it may set a dangerous precedent for other climate initiatives, despite reassurances from Commission President Ursula von der Leyen that green plans remain on track. Pamela Coke-Hamilton, from the International Trade Centre, stressed the need for clear guidance and financial support for affected countries to ensure smooth compliance.
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