Malaysian tech stocks generally declined on Monday, influenced by a pullback in the US market. The energy sector also faced pressure due to global oil price volatility. Banking and utilities sectors, however, showed resilience, partially offsetting the downturn.
On Monday, Malaysia's technology sector broadly weakened, with the Technology Index falling 1.5%, primarily influenced by the recent pullback in US tech stocks. Investor concerns over slowing global growth and rising interest rates have led to valuation adjustments in tech shares. Concurrently, the energy sector was also impacted by global oil price volatility, with Brent crude hovering around US$82 per barrel, causing local energy counters like Yinson Holdings to decline by 0.7%. However, the banking and utilities sectors showed resilience, with the Banking Index up 0.6% and the Utilities Index up 0.3%, providing some buffer to the market. Analysts advise investors to adopt defensive strategies in the current market environment.
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