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 NEUTRAL with an unchanged target price (TP) of RM7.18 INVESTMENT HIGHLIGHTS Petronas Chemicals Group Bhd (PChem) approves FID for Isononanol plant Total investment cost of project is USD442m (approximately RM1.9b) Plant expected to be operational by 2HFY19 PChem’s balance sheet can comfortably fund project as cash hoard is at RM7.4b with negligible borrowings Maintain NEUTRAL with unchanged TP of RM7.18 FID approved. PChem announced that it has approved the final investment decision (FID) for an Isononanol plant within the Pengerang Integrated Complex in Pengerang Johor. The total investment cost is USD442m or approximately RM1.9b. The project is slated to be on-stream by 2HFY19. Details of plant. The company guided that isononanol is an oxoalcohol which is mainly used for the production of Diisononyl phthalate, a high molecular weight phthalate plasticizer which is widely used in industrial applications such as automotive, wires and c...