Malaysia's technology sector continues to face selling pressure due to global semiconductor demand slowdowns. Concurrently, energy stocks saw declines amid fluctuating oil prices. In contrast, the banking and utilities sectors demonstrated resilience, attracting investor interest as defensive plays in a volatile market environment.
The technology sector on Bursa Malaysia continued to face pressure this week, with the FBM Technology Index falling by 1.8%. Ongoing softness in the global semiconductor industry, coupled with concerns over potential US interest rate hikes, led investors to shy away from high-valuation tech stocks. Concurrently, the energy sector was impacted by volatile crude oil prices, with Brent crude hovering around US$82 per barrel, causing local oil and gas counters like Petronas Gas to dip 0.8%. However, the banking and utilities sectors showed resilience, attracting investors seeking stable returns. Analysts expect this sector rotation trend to likely continue in the short term amidst persistent macroeconomic uncertainties.
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