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Market Daily Report: Bursa Malaysia Ends Lower On Caution Over Rising Oil Prices, West Asia Tensions

KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
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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loan follows PG&E’s recent $2.4 billion stock offering, as utilities increasingly seek external financing to modernize outdated grids.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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