Malaysia's technology sector showed weakness today, impacted by a global sell-off in tech stocks. However, the banking sector demonstrated resilience, supported by stable net interest margins and robust loan growth. Investors are shifting towards more defensive sectors amidst market uncertainties.
Today, Bursa Malaysia's Technology Index fell by 1.2%, making it one of the worst-performing sectors, primarily dragged down by the correction in US tech stocks. For instance, Inari Amertron declined 1.5% to RM3.25. Conversely, the Financial Services Index showed relative stability, dipping only 0.05%. Banking counters like Public Bank and RHB Bank remained flat, buoyed by expectations that Bank Negara Malaysia (BNM) will maintain the Overnight Policy Rate (OPR). Analysts believe the technology sector may continue to face pressure in the short term, while the banking sector still holds growth potential amid economic recovery.
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