Malaysian technology stocks generally fell today, affected by a global tech sell-off. Conversely, rising international oil prices boosted local energy stocks, with Tenaga Nasional and Petronas Chemicals both recording gains.
Sector performance in the Malaysian stock market today was polarized. The technology sector was broadly under pressure, with the FBM Technology Index falling 1.1%, mainly due to a pullback in US tech stocks. For instance, Vitrox Corp Bhd dropped 1.8% to RM7.80, while Greatech Technology Bhd also declined 1.5% to RM4.60. Investors remain cautious about highly valued tech stocks. However, the energy sector performed strongly, boosted by rising international crude oil prices. Brent crude prices surpassed US$83 per barrel, driving local energy stocks higher. Tenaga Nasional Bhd rose 0.5% to RM11.20, and Petronas Chemicals Group Bhd also recorded a 0.7% gain to RM7.05. Analysts expect oil prices to continue supporting energy stocks amid current geopolitical tensions.
Share: