Malaysian Shares End in Green, Snap Three-Day Losing Streak; MyTech's Shares Rally 14%

MT Newswires Live07-02 17:52

Malaysian shares rebounded on Thursday, erasing losses of the past three sessions. The investor sentiment turned positive on hopes of continued peace talks between the US and Iran.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 5 points to end 0.3% higher at 1,661.83.

In local news, Malaysia's fuel subsidy may hit as much as 40 billion ringgit ($9.8 billion) this year if global energy prices stay high, more than double the 15 billion ringgit allocated in the 2026 budget, Reuters reported Wednesday, citing Prime Minister Anwar Ibrahim.

In corporate news, shares of MyTech Group (KLSE:MYTECH) jumped about 14% on today's close after its moneylending unit, GW Premium Capital, had 8.4 million ringgit in outstanding unsecured loans as of June 30, with no loans in default.

Shares of Reservoir Link Energy (KLSE:RL) gained about 2% on Thursday's close after its unit Reservoir Link Solutions has been named as a panel contractor by Petroliam Nasional to provide an integrated discovered resource assessment. The assessment is for a carbon capture utilization storage (CCUS) and contaminant project.

Meanwhile, Stratus Global (KLSE:STRATUS) seeks to raise 285 million ringgit via an initial public offering on the Main Market of Bursa Malaysia, according to its Thursday prospectus. The IPO comprises a public issue of 356.3 million new shares at an issue price of 0.80 ringgit per share, the automation company said.

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