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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 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.
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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loan follows PG&E’s recent $2.4 billion stock offering, as utilities increasingly seek external financing to modernize outdated grids.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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