Malaysian Shares Rebound as Regional Markets Bet on US-Iran Diplomatic Thaw
Malaysian shares rebounded on Tuesday, tracking broader regional gains, as investors reacted to renewed optimism over a possible de-escalation in hostilities between the U.S. and Iran.The FTSE Bursa Malaysia KLCI gained 7.60 points to end 0.5% higher at 1,688.12. The day range was between 1,686.06 and 1,694.16.In economic news, the ongoing military escalation in the Middle East could inflict economic losses of up to $299 billion across Asia and the Pacific, as higher fuel, freight and input costs ripple through regional economies, UNDP's latest assessment report release Tuesday showed.Moreover, Southeast Asian diplomats urged the US and Iran to continue negotiations after failed weekend talks heightened tensions and rattled global markets, Nikkei Asian Review reported. This came after Brent crude surged to $102.43 a barrel.In corporate news, shares of Johor Plantations Group (KLSE:JPG) slid about 3% on today's close after it reported fresh fruit bunch production of 57,878 metric tonnes for March. Crude palm oil output for the month stood at 13,442 metric tonnes.
