The Malaysian Technology Index dropped 2.5% following profit-taking triggered by the overnight Nasdaq pullback. Key semiconductor-related firms like Inari and MPI led the decline as investors reassessed current valuations.
The Malaysian Technology sector took a hit today, with the Technology Index dropping 2.5%, making it the worst-performing sector. This was largely attributed to the overnight decline of the US Nasdaq index (down over 1%), triggering significant profit-taking in local tech stocks. Inari Amertron (0166) fell 8 sen to RM3.15, while Malaysian Pacific Industries (MPI, 3867) plunged RM1.00 to RM28.50. Although the long-term demand outlook remains positive, analysts suggest that tech stock valuations appear stretched following their recent strong rally. Investors are now awaiting upcoming earnings reports from major US chipmakers for further guidance on the global semiconductor cycle. The sector is expected to remain volatile in the short term.
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