Malaysian Shares Rebound on Hopes of US-Iran Diplomatic Progress; Puncak Niaga's Shares Gain 3%
Malaysian shares rebounded on Thursday, tracking broader regional gains, as investors reacted to renewed optimism over a possible de-escalation in hostilities between the US and Iran.The FTSE Bursa Malaysia KLCI gained 6.29 points to end 0.4% higher at 1,689.71 The day range was between 1,682.81 and 1,690.83.In local news, Malaysia will prioritize supplying Australia with surplus fuel from state energy firm Petronas as part of efforts to strengthen energy security amid disruptions linked to the Middle East war, Reuters reported, citing Prime Minister Anwar Ibrahim.Malaysia's state energy firm Petronas said fuel supply at all its stations is secured through the end of June, even as it continues to manage its supply chain amid global energy market disruptions due to the Iran-US war, Reuters reported.In corporate news, shares of Puncak Niaga (KLSE:PUNCAK) gained about 3% on Thursday's close after it reported that fresh fruit bunches (FFB) production for March stood at 1,615.40 metric tonnes.Meanwhile, Golden Destinations Group (KLSE:GDGROUP) has been officially listed on Bursa Malaysia, marking its debut on the ACE Market on Wednesday. Following the initial public offering, the company's enlarged issued share capital stands at 1 billion units, amounting to about 118.1 million ringgit.