The Technology Index dropped 2.1%, making it the worst-performing sector. Investors engaged in profit-taking influenced by the US tech stock pullback and cautious outlook on chip demand prospects.
The Malaysian technology sector faced selling pressure today, with the Technology Index dropping 2.1%. The main drag came from semiconductor-related companies, such as Frontken Corp Bhd, which fell 3.5% to RM3.85, and Malaysian Pacific Industries Bhd (MPI), which declined 2.8% to RM30.10. This pullback is directly linked to the overnight weakness in the US NASDAQ index, which fell 1.8%. Market participants are re-evaluating the short-term outlook for the global semiconductor industry, especially ahead of earnings releases from major tech giants. Although the long-term outlook remains positive, short-term sentiment leans towards caution, prompting investors to lock in recent gains.
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