KUALA LUMPUR: Malaysia is reviewing its trade with the EU following the bloc’s move to back a ban on using palm oil to make biofuels, the deputy prime minister was reported as saying on Sunday.
European lawmakers approved draft measures this month to reform the power market there and reduce energy consumption to meet more ambitious climate goals. The plan includes a ban on the use of palm oil in motor fuels from 2021.
Indonesia and Malaysia, which produce nearly 90 percent of the world’s palm oil, called the move discriminatory and said there should be fair treatment for all vegetable oils.
Ahmad Zahid Hamidi said Malaysia was reviewing the purchase of products from EU nations, state news agency Bernama reported.
The matter was decided during a cabinet meeting last week chaired by Prime Minister Najib Razak, he was quoted as saying in his speech given to community members in the northwestern state of Perak.
“If we import trade products from any country, and if that country makes the decision to boycott palm oil, then our government will also stop buying from that country,” Zahid said.
“They carried out various marketing efforts so that we buy their products, but (they) don’t want to buy our products. Malaysia is not a country that can be manipulated.”
A large portion of European palm oil imports is used to make biofuels, giving Malaysia and Indonesia cause for concern.
Malaysia, the world’s second- largest palm producer, said last week that it would work with other producing countries to voice “strong concerns” to the World Trade Organization.
Zahid said the EU proposal threatens the income of some 500,000 planters across the country.
Malaysia reviews trade with EU after move to limit palm oil use - report
Malaysia reviews trade with EU after move to limit palm oil use - report
Closing Bell: Saudi main market ends week in red at 11,189
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower at the end of the trading week on Thursday, falling 1.34 percent, or 152.54 points, to finish at 11,188.73.
The benchmark index opened at 11,320.52 and trended lower throughout the session, finishing well below its previous close of 11,341.27.
Market breadth was sharply negative, with only 28 gainers compared with 236 decliners. Trading activity saw a volume of 239 million shares exchanged, with total turnover reaching SR5.5 billion ($1.47 billion).
In the parallel market, Nomu closed higher, rising 0.23 percent to 23,865.95, although decliners continued to outnumber advancers. The MT30 index closed at 1,508.60, down 1.46 percent, shedding 22.38 points by the end of the session.
Among the session’s top gainers, Dar Al Majed Real Estate Co. led advances, rising 5.43 percent to close at SR9.91.
Al Aziziah REIT Fund added 4.67 percent to SR4.48, while Al Majed Oud Co. gained 2.81 percent to SR161.20. AFG International Co. advanced 2.45 percent to SR17.17, and Al Mawarid Manpower Co. rose 1.37 percent to SR125.70.
On the losing side, Saudi Research and Media Group posted the steepest decline, falling 6.88 percent to SR107. Cherry Trading Co. dropped 6.23 percent to SR28.88, while Saudi Arabian Mining Co. slipped 5.41 percent to SR72.55.
Almasane Alkobra Mining Co. declined 5.38 percent to SR102, and Power and Water Utility Co. for Jubail and Yanbu ended 4.56 percent lower at SR31.36.
On the announcements front, Saudi Industrial Investment Group released its interim financial results for the twelve-month period ended Dec. 31, 2025, reporting a return to profitability on an annual basis despite posting a quarterly loss.
The company recorded a net loss of SR104 million in the fourth quarter, compared with a net profit of SR201 million in the same quarter of the previous year, which it attributed mainly to lower selling prices, higher operating costs, and increased general and administrative expenses.
For the full year, however, the group posted a net profit attributable to shareholders of SR197 million, compared with SR161 million a year earlier, supported by higher sales volumes and improved operational performance at several subsidiaries. The stock last traded at SR14.77, down 3.59 percent.
Separately, Saudi Exchange Co. announced the approval of a request by Merrill Lynch Kingdom of Saudi Arabia to terminate its market-making activities for Saudi Arabian Oil Co., effective Feb. 8.
The exchange said the termination relates specifically to the market-making agreement for Saudi Aramco shares and was approved in line with applicable market-making regulations.
