Malaysia Morning Wrap | Malaysia Stock Rises on Strong 5.3% Q1 GDP Growth Amid Regional Market Decline
Key Takeaways:
• US Markets Soar as Iran Reopens Hormuz, Oil Plunges
• Malaysia's KLCI Rises on Strong Q1 GDP
• Petronas Can Negotiate Russian Oil Supply: PM
• Stocks to watch: BPURI, INARI, etc.
🇺🇸 Wall Street Summary
$S&P 500 Index (.SPX.US)$ 7,126.06 (+1.2%)
$Dow Jones Industrial Average (.DJI.US)$ 49,447.43 (+1.8%)
$Nasdaq Composite Index (.IXIC.US)$ 25,468.48 (+1.5%)
The S&P 500 and Nasdaq Composite hit record highs for the third consecutive session on Friday, driven by Big Tech gains from Tesla, Apple, and Marvell, as oil prices crashed over 10% following Iran's decision to reopen the Strait of Hormuz.
The geopolitical breakthrough that ended the blockade sent energy costs plummeting and reignited the AI rally in tech stocks. With oil concerns easing, investors rotated back into growth names: $Marvell Technology (MRVL.US)$ surged 4.7% on an Oppenheimer "top pick" rating, $Tesla (TSLA.US)$ gained 3% ahead of earnings and on Elon Musk's AI5 chip design announcement, and $Apple (AAPL.US)$ rose 2.6% to $270.23 following a BNP Paribas upgrade to "Outperform" with a $300 target, while $ASML Holding (ASML.US)$ and $Palantir (PLTR.US)$ added 3.5% and 2.5% respectively on continued AI infrastructure optimism.
The easing of Middle East tensions boosted traditional blue-chip stocks beyond the technology sector. Among non-tech Dow components posting strong gains into Friday's close were $Sherwin-Williams (SHW.US)$ , which climbed 3.7%, $Home Depot (HD.US)$ , up 3.6%, and $Merck & Co (MRK.US)$ , which advanced 3.1%.
Bursa Market Insight
$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1695.21 (+4.2%)
The $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ closed higher on Friday, diverging from regional market trends, bolstered by robust first-quarter 2026 GDP data despite escalating Middle East tensions, with advance estimates showing Malaysia's economy expanded 5.3% in 1Q2026.
Malaysia operates 19 biodiesel plants with 1.5 million litres monthly capacity, utilizing 35% of CPO sludge to produce biofuel and Jet A1 fuel as part of a government-private sector initiative to address the global energy crisis, Deputy Prime Minister Ahmad Zahid Hamidi announced.
Prime Minister Datuk Seri Anwar Ibrahim stated that Petroliam Nasional Berhad (Petronas) can negotiate with Russia for oil supply as a proactive measure to ensure sufficient energy reserves for public consumption, noting that many European countries and the United States—despite previously imposing sanctions on Moscow—are now competing to secure Russian oil due to current economic needs.
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🔔 Stocks to Watch
$MNHLDG (0245.MY)$ secured a RM275.9 million contract through its subsidiary MN Utilities Engineering to design, supply and maintain a 275kV consumer landing station for a data centre in central Peninsular Malaysia.
$BPURI (5932.MY)$ obtained a RM156.45 million subcontract for road construction and upgrading works in Simunjan, Sarawak. The 30-month project includes site clearing, earthworks, drainage and bridge construction, with completion expected by Q4 2028.
$EXSIMHB (1287.MY)$ won a RM138 million subcontract from Binastra Corporation's subsidiary for fit-out works covering MEP systems, interior design and architectural tasks for a local development project.
$INARI (0166.MY)$ and China's Sanan Optoelectronics withdrew from their planned acquisition of Lumileds Holding BV after US authorities raised national security concerns. CFIUS requested deal termination due to unresolved security issues.
$SEM (5250.MY)$ declared an interim dividend of 1.35 sen per share for FY2025, with entitlement date on May 4 and payment scheduled for May 15.
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Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The Edge
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