The technology sector declined by 1.2% last week, impacted by slower global chip demand. In contrast, the energy sector rose 0.8%, buoyed by higher crude oil prices, and the construction sector gained 1.5% on the back of renewed government infrastructure projects. Investors are reallocating capital towards cyclical sectors that stand to benefit directly from economic reopening and increased public spending, shifting away from growth stocks.
Sector performance in the Malaysian stock market was mixed last week. The technology sector was among the weakest performers, declining by 1.2%, primarily due to a slowdown in global semiconductor demand and supply chain uncertainties. Investors are cautious about the valuations of tech stocks. Meanwhile, the energy sector benefited from the sustained rise in international crude oil prices, gaining 0.8% overall. Brent crude prices hovering around US$85 per barrel boosted Petronas-related stocks. The construction sector also performed strongly, rising 1.5%, as market expectations for more government infrastructure projects provided a robust growth impetus for the industry.
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