The technology sector showed strong performance today, boosted by expectations of a global chip demand recovery. In contrast, the energy sector faced pressure due to volatile international oil prices, with investors adopting a cautious stance on its future trajectory. Semiconductor-related firms saw notable gains.
Today, Bursa Malaysia's Technology Index rose 1.8%, making it one of the best-performing sectors. Semiconductor-related companies like Inari Amertron (INARI) and Malaysian Pacific Industries (MPI) saw their share prices increase by 1.5% and 1.2% respectively, reflecting market optimism about a global recovery in demand for tech products. However, the energy sector was impacted by falling international crude oil prices, with Brent crude futures dropping below US$80 per barrel. Despite this, Petronas Chemicals Group Bhd remained relatively stable, but other small to medium-sized oil and gas service companies faced greater pressure. Analysts advise investors to focus on the long-term growth potential of the technology sector while remaining cautious on the energy sector, closely monitoring geopolitical developments' impact on oil prices.
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