The energy sector was a standout performer today, buoyed by rising oil prices, while the technology sector experienced profit-taking. Brent crude's surge past US$80 per barrel lifted oil and gas related companies. In contrast, tech stocks saw a correction after their recent upward trend, as investors locked in gains from previous rallies.
The Malaysian stock market today showed clear sector divergence. The energy sector performed strongly, gaining 1.5% overall, primarily benefiting from the continued rise in international crude oil prices. Brent crude futures prices surpassed US$80 per barrel, stimulating investor interest in oil and gas related stocks. For instance, Yinson Holdings rose 2.1% and Dialog Group gained 1.8%. Concurrently, the technology sector faced profit-taking pressure, declining 0.8% overall. Recently strong-performing tech stocks like Inari Amertron fell 1.5% and MMSV Holdings dropped 1.2%. Analysts noted that investors are shifting funds from higher-valued tech stocks to cyclical sectors benefiting from rising commodity prices.
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