KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
Saudi Aramco has canceled plans to build a 400,000 barrel-per-day refinery and chemicals project at Ras Al Khair on Saudi Arabia’s Gulf coast and has shelved proposals to move the project to Jubail , according to sources familiar with the decision. This move reflects Aramco’s recalibration of its spending plans , with a greater focus on expanding its presence in Asia , particularly China, where it is pursuing several deals to secure long-term demand for Saudi crude . The cancellation of the Ras Al Khair project underscores Aramco’s shift in strategy toward chemicals production , particularly as the demand for plastics is expected to outlast that for gasoline and diesel, driven by the energy transition . Aramco is already expanding other chemical facilities in Saudi Arabia and is reviewing the viability of three additional chemical projects in Jubail and Yanbu . Aramco’s decision is also influenced by uncertainty regarding domestic demand and the scale of Crown Prince Mohammed Bin S...