Malaysia's Technology Index fell 1.2% on Friday due to concerns over global tech stock valuations and rising interest rates. Investors are shifting funds towards defensive sectors like utilities and consumer staples.
Malaysia's Technology Index declined by 1.2% in Friday's trading, primarily influenced by a correction in US tech stocks and expectations of rising global interest rates. Local tech giants such as Inari Amertron and Malaysian Pacific Industries fell by 1.8% and 1.5% respectively. Market analysts indicate that while the long-term growth prospects for the technology sector remain bright, it faces short-term valuation adjustment pressures. Investors are seeking to allocate capital to more stable, defensive sectors like utilities and consumer staples to mitigate potential market volatility. This sector rotation trend is expected to continue in the coming weeks.
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