Malaysia Morning Wrap | JT Group Bags RM79.86 Million TNB Contract to Power Johor Data Centre

Key Takeaways:

• US Stocks Rebound as Oil Spike Eases Following Trump's Hormuz Protection Plan

• Bursa Malaysia Drops Below 1,700 on Middle East Tensions

• Malaysia's Oil Production Rises 1.1% in 2025 Despite Q4 Crude Decline

• Stocks to watch: SUNWAY, JTGROUP, etc.

🇺🇸 Wall Street Summary

$Nasdaq Composite Index (.IXIC.US)$ 22,807.48 (+1.29%)

$S&P 500 Index (.SPX.US)$ 6,869.50 (+0.78%)

$Dow Jones Industrial Average (.DJI.US)$ 48,739.41 (+0.49%)

US stock indexes recovered Wednesday as $Crude Oil Futures (JUN6) (CLmain.US)$ stabilized, rising just 1.9% to $75.96 per barrel after sharp gains earlier in the week. Oil had surged as much as 12% Monday following weekend military strikes between Iran and the US-Israel alliance.

The turnaround came after President Trump announced the US would provide insurance coverage and Navy escorts for oil tankers navigating the Strait of Hormuz, a critical waterway handling 20% of global oil supplies.

Big Tech stocks rebounded after earlier losses, with major companies particularly sensitive to geopolitical tensions given their multinational operations and reliance on global stability. The market calmed despite ongoing concerns about the Iran-US-Israel conflict and its potential impact on energy supplies and inflation.

Major cryptocurrencies posted strong gains on Wednesday afternoon. $Bitcoin (BTC.CC)$ climbed 7.3% to $73,289.50, while $Ethereum (ETH.CC)$ surged 8.6% to $2,150.72. $Solana (SOL.CC)$ rose 8.7% to $92.36, and $Ripple (XRP.CC)$ advanced 6.7% to $1.45, all as of approximately 4:45 p.m. New York time.

🇲🇾 Bursa Market Insight

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1698.220 (-0.80%)

Top Gainer: $PPB (4065.MY)$ RM10.90 (+2.83%)

Top Loser: $YTL (4677.MY)$ RM1.69 (-5.59%)

USD/MYR: $USD/MYR (USDMYR.FX)$ 3.9415 (-0.11%)

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ dropped below the key 1,700 psychological level on March 4, 2026, marking its first breach since January 20 as heightened geopolitical tensions triggered widespread selling.

Market participants attributed the selloff to deteriorating investor sentiment as the escalating Middle East conflict prompted risk-averse positioning, with investors reducing their equity exposure amid mounting geopolitical uncertainty.

Malaysia's crude oil and condensate production increased 1.1% to 183.6 million barrels in 2025, driven primarily by a strong 6.1% growth in condensate output. However, Q4 2025 showed mixed results: while total production rose 4.5% year-on-year to 47.8 million barrels—boosted by an 18% surge in condensate—crude oil production declined 1.7%.

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🔔 Stocks to Watch

$JTGROUP (0292.MY)$ has secured a RM79.86 million contract from $TENAGA (5347.MY)$ for the installation of 275-kilovolt double circuit underground cables. The project will provide electrical connection to a data centre located in Pasir Gudang, Johor. The contract is scheduled for completion within 270 days, with the commencement date to be announced at a later time.

$SUNWAY (5211.MY)$'s ongoing takeover offer for $IJM (3336.MY)$ is under investigation by the Malaysian Anti-Corruption Commission (MACC). The anti-graft agency has opened an investigation paper to examine potential corruption, abuse of power, or governance violations related to the deal.

$VELESTO (5243.MY)$, through its subsidiary Velesto Workover Sdn Bhd, has been awarded two contracts by Sabah Shell Petroleum Company Ltd (SSPC) for maintenance services at its deepwater offshore operations in Sabah.

$WASCO (5142.MY)$ announced that Urusharta Jamaah Sdn Bhd, a Ministry of Finance special purpose vehicle, is no longer a substantial shareholder. Urusharta's stake fell below the 5% threshold after disposing of 1.17 million shares (0.151%) on February 27.

$EXSIMHB (1287.MY)$ has partnered with developer Majestic Gen to provide professionally-managed accommodation across selected developments nationwide.

$NEXG (5216.MY)$ has seen Raya Aviation Holdings, parent of cargo carrier Raya Airways, become its largest shareholder after acquiring a 20.4% stake totaling 711.7 million shares.

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Source: Dow Jones Newswires, Bursa Malaysia, The Star, The Edge, Business Today

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