Malaysian technology stocks declined by 1.2% on Friday, impacted by a broader global sell-off in the tech sector. Conversely, the energy sector saw a gain of 0.8% as Brent crude oil prices surged past US$80 per barrel. This divergence highlights the contrasting market forces currently at play, with commodity prices providing a boost to energy companies despite broader tech headwinds.
Sector performance on Bursa Malaysia showed a divergent trend. The technology sector faced significant pressure on Friday, with the FBM ACE Technology Index declining by 1.2%, primarily influenced by a global tech sell-off and investor profit-taking. Some tech counters like Inari Amertron fell 1.5% to RM3.25. Conversely, the energy sector benefited from rising international oil prices. Brent crude surged past US$80 per barrel, propelling the FBM KLCI Energy Index up by 0.8%. Companies such as Petronas Gas and Bumi Armada saw their share prices rise by 1.0% and 0.5% respectively, demonstrating the positive impact of commodity prices on the sector. Analysts anticipate this sectoral divergence may persist in the short term.
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