Bursa Malaysia to auction carbon credits from Kuamut Rainforest Conservation project

Bursa Malaysia to auction carbon credits from Kuamut Rainforest Conservation project

KOTA KINABALU : Bursa Malaysia Bhd will have an auction of quality carbon credits from the Kuamut Rainforest Conservation project located in the Tongod and Kinabatangan districts in July.
Its Chief Executive Officer, Datuk Muhamad Umar Swift, said the Kuamut project is a significant milestone representing Bursa Carbon Exchange’s first Malaysian nature-based carbon project. Muhamad disclosed this at the opening of the two-day Bursa Marketplace Fair at Suria Sabah here today.

He also stated that it has been a very exciting week for Malaysia’s capital market.

“Just this week, our market capitalisation hit a record high of two trillion Ringgit Malaysia, and with our benchmark FMB KLCI index surpassing 1,600 points for the first time in two years.

“The performance of newly listed companies on Bursa Malaysia in 2024 have also been quite strong. As at end April 2024, a far majority of the 13 new companies listed year to date have closed above their IPO prices.

“In fact, five of the IPOs enjoyed price appreciation of more than 50%,” he said in his speech.
Muhamad added the equities market has been vibrant. Average daily trading value increased by 42 percent in the first four months of the year, to 2.9 billion Ringgit Malaysia.

“This healthy development makes it even more exciting for the public to participate in the capital market, to grow wealth and be part of the nation’s growing economy,” he said.
On the Bursa Marketplace Fair which was officiated by State Minister of Industrial Development and Entrepreneurship, Datuk Phoong Jin Zhe, Muhamad said that this is the first time they are bringing it to East Malaysia.

He said despite Sabah’s population of over three million, only about 50,000 adults, or only 1.5 percent of the population, have opened Central Depository System (CDS) accounts – to access investment opportunities in securities on the Exchange.

“This signals a significant perhaps lack of familiarity for Sabahans with the investment opportunities the Exchange provides. We are here to help you kick start or diversify your strategies for investing for the future,” he said.

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