The Malaysian technology sector corrected by 2.5% last week, influenced by global tech stock weakness. In contrast, rising oil prices boosted the energy sector, with Petronas Gas and Dialog Group leading the gains.
Last week, the technology sector in the Malaysian stock market experienced a correction, declining by 2.5% overall. This was primarily influenced by adjustments in global tech giants' earnings expectations and uncertainties surrounding US interest rate prospects. For instance, semiconductor manufacturer Inari Amertron fell by 2.1%, while Vitrox Corp also slid by 1.8%. In contrast, the energy sector defied the downtrend, emerging as a market highlight. International oil prices (Brent crude) surpassed US$85 per barrel, boosting investor confidence in energy stocks. Petronas Gas rose by 3.0%, and Dialog Group also recorded a 2.5% gain. Analysts anticipate that the energy sector is likely to continue outperforming the broader market as oil prices remain elevated.
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