Bursa Malaysia saw divergent sector performance, with the technology sector surging 2.1%, buoyed by strong global chip demand. Conversely, the energy sector declined 1.5% due to volatile crude oil prices and oversupply concerns, impacting investor confidence in oil and gas counters.
Bursa Malaysia witnessed distinct divergence in sector performance on Friday. The technology sector emerged as the day's highlight, collectively gaining 2.1%, primarily driven by sustained strong global semiconductor demand and positive performances from local tech firms such as Inari Amertron (up 2.5%) and Malaysian Pacific Industries (up 1.8%). Investors remain optimistic about the long-term growth prospects of this sector. Conversely, the energy sector faced downward pressure, declining 1.5% overall, due to volatile international crude oil prices and market concerns over potential demand reduction from a slowing global economy. Oil and gas service providers like Velesto Energy and Hibiscus Petroleum both recorded losses. The banking sector, however, showed steady performance, rising 0.8%, while plantation and property sectors remained relatively subdued.
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