Malaysian technology stocks generally declined today, influenced by weakness in the global tech sector. Conversely, rising international crude oil prices boosted the energy sector, with Tenaga Nasional and Petronas Gas both recording gains. Investors are re-evaluating growth stocks amidst higher interest rate expectations globally.
Sector performance in the Malaysian stock market today was mixed. The technology sector was broadly under pressure, with the FTSE Bursa Malaysia Technology Index falling 1.1%, primarily due to adjustments in global tech stock valuations. For instance, Inari Amertron dropped 1.5%, while MPI declined 0.8%. Investor interest in high-growth technology stocks has waned, shifting towards value-oriented equities. However, the energy sector performed strongly, with the FTSE Bursa Malaysia Energy Index gaining 0.7%. Rising international crude oil prices, reaching US$83 per barrel, boosted sentiment in the sector. Tenaga Nasional rose 0.5% to RM10.10, and Petronas Gas also gained 0.3% to RM17.80. Analysts expect the energy sector to remain supported as long as crude oil prices stay firm.
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