On Friday, Malaysia's stock market saw strong performances from the energy and financial sectors, buoyed by rising oil prices and optimistic economic recovery forecasts. In contrast, the technology sector experienced a slight pullback, as investors rotated funds towards more cyclical industries. Property stocks also showed some resilience, indicating diversified market interest.
Malaysia's stock market on Friday displayed a bifurcated sector performance. The energy sector surged by 1.8%, propelled by Brent crude oil prices breaching US$80 per barrel, with Petronas Chemicals Group rising 2.1%. The financial sector also recorded a 1.3% gain, primarily driven by Maybank and CIMB Group. However, the technology sector faced profit-taking pressure, with its index declining 0.5%, as MPI and Inari Amertron fell 0.7% and 0.9% respectively. Analysts anticipate that as global economic activities normalize, capital will continue to rotate towards cyclical industries, benefiting sectors like energy and finance over growth-oriented tech stocks in the short term.
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