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Market Daily Report: Buying In Consumer Stocks Helps Bursa Malaysia Close Slightly Higher

KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99.  The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
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US Grants PG&E Conditional $15 Billion Loan to Bolster Climate Resilience

 Key Highlights:

  • Loan Purpose: The $15 billion conditional loan will fund climate resilience projects, upgrade electrical grids, and refurbish PG&E’s hydroelectric infrastructure and power lines.
  • Additional Investments: The funds will also support battery energy storage expansion and enhanced transmission systems.
  • Strategic Timing: The Biden administration is accelerating financing ahead of President-elect Donald Trumptaking office on Jan 20, given uncertainties about future climate-related funding.

Why It Matters

  1. Climate Resilience: PG&E’s infrastructure upgrades aim to tackle challenges posed by extreme weather events, including wildfires and hurricanes, which threaten California's power grid.
  2. Energy Transition: Enhancing storage and transmission aligns with the rising energy demands from industries like data centers, crucial for the clean energy shift.
  3. Utility Funding: The loan follows PG&E’s recent $2.4 billion stock offering, as utilities increasingly seek external financing to modernize outdated grids.

Next Steps

  • The US Department of Energy and PG&E must meet technical, legal, and environmental conditions before finalizing the loan.
  • Funds will be disbursed over several years in cash installments.

This record loan highlights the urgency of strengthening US energy infrastructure to address climate risks while supporting the clean energy transition.

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