Malaysia's technology and energy sectors showed strong performance on Friday, while glove stocks faced pressure due to oversupply and slowing demand. The banking sector also remained stable, contributing positively to the overall market sentiment amidst a mixed regional performance.
Sectoral performance on Bursa Malaysia was mixed. The Technology index was among the top performers, gaining 1.2%, driven by positive sentiment from global tech giants. The Energy index also rose by 0.8%, benefiting from stable international oil prices. However, the Healthcare sector, particularly glove manufacturers, continued to face challenges. Top Glove declined 1.5% and Hartalega fell 1.2% as the market grappled with persistent soft demand for gloves and oversupply issues. The banking sector showed resilience, with the Financial Services index up 0.7%. Analysts expect the technology and energy sectors to remain in focus as economic recovery progresses, while glove stocks may take more time to digest their excess inventory and stabilize.
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