KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Retain outperform recommendation with unchanged target price (TP) of RM15.55 We visited Kapar Energy Ventures (KEV) recently to have a better understanding on its overall operations, technical issues that are affecting the financial performance of the power plant and its recovery programmes. The only power plant in Malaysia with triple fuel capability . KEV is located in Kapar, Selangor. 60% shareholding of this second generation Independent Power Producer (IPP) is held by Tenaga Nasional (TNB), while the balance 40% is held by Malakoff. KEV has a generating capacity of 2,420MW and is the only power plant in Malaysia with triple fuel capability, i.e. coal, gas and oil. The power plant was officially opened on 14 March 1987 and converted into an independent power producer (IPP) on 9 July 2004. It has four generating facilities (GF). Power Purchase Agreement (PPA) for GF1 to GF3 will expire in July 2029, while PPA for GF4 will end in July 2019. Operational performances...