Malaysian shares erased losses to end in the green mid week, bucking regional losses.
The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 3.46 points to end 0.2% higher at 1,678.96. The day range was between 1,673.64 and 1,684.22.
In economic news, Malaysia could miss its 2026 fiscal deficit target due to rising fuel subsidy costs triggered by the Iran-Israel conflict, according to a Bloomberg News report. In an interview with Bloomberg TV, Second Finance Minister Amir Hamzah Azizan said the government may "slightly" miss the goal, but stressed that protecting vulnerable households remains the immediate priority. He added that longer-term consolidation plans are still on track.
In corporate news, shares of Tanco (KLSE:TANCO) plunged about 38% at Wednesday's close after its unit Tanco Dot Com signed a memorandum of understanding with China Mobile International to explore the development of a 50-megawatt data center in Port Dickson, Malaysia.
Whereas, Scientex's (KLSE:SCIENTX) shares gained about 2% at today's close after its profit attributable to owners jumped to 142.2 million ringgit in the fiscal third quarter ended April 30, from 123.7 million a year ago.
Moreover, Petroliam Nasional, or Petronas, unit Petronas LNG agreed to supply up to 2 million tons per annum of LNG to Japan's Jera. The contract will run for 20 years beginning in 2028.