Malaysian technology stocks faced profit-taking pressure on Friday, with the FTSE Bursa Malaysia Technology Index declining by 0.7%. In contrast, the energy sector performed strongly, with the FTSE Bursa Malaysia Energy Index gaining 1.2%, buoyed by rising international oil prices.
Sector performance on Bursa Malaysia was mixed today. Technology stocks experienced profit-taking after recent gains, with the FTSE Bursa Malaysia Technology Index falling 0.7%. Key players like Inari Amertron dropped 1.2% to RM3.25, while D&O Green Technologies also declined 0.8%. This reflects investors locking in profits amidst higher valuations in the tech sector. In contrast, the energy sector shone brightly, with the FTSE Bursa Malaysia Energy Index climbing 1.2%, primarily driven by Brent crude oil prices surpassing US$80 per barrel. Dialog Group rose 1.0% to RM2.55, and Velesto Energy gained 1.5%. Analysts suggest that global economic recovery expectations and OPEC+ production cuts are providing support for oil prices, thus boosting energy stocks.
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