Malaysian technology stocks generally pulled back today, influenced by weakness in US tech giants. In contrast, the energy sector showed robust performance, buoyed by rising international crude oil prices. Brent crude surpassing US$80 a barrel lifted shares of companies like Yinson Holdings and Dialog Group. Investors are rebalancing their portfolios amidst shifting sector dynamics.
On Bursa Malaysia today, the technology sector generally faced pressure, with the FTSE Bursa Malaysia Technology Index declining by 0.7%, largely influenced by the recent pullback in the Nasdaq. For instance, Frontken Corp Bhd fell 1.5%, while Inari Amertron Bhd also saw a modest dip of 0.8%. In contrast, the energy sector emerged as a bright spot, with the FTSE Bursa Malaysia Energy Index rising 1.1%. International Brent crude oil prices breaking above US$80 a barrel injected vitality into the sector. Yinson Holdings Bhd gained 2.1% to RM2.45, and Dialog Group Bhd also rose 1.8% to RM2.25. Analysts note that with global economic recovery and OPEC+ production cuts, oil prices are expected to remain elevated, continuing to benefit energy-related companies.
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