The energy sector experienced mixed performance due to fluctuating international oil prices, while technology stocks faced selling pressure amid a global tech sector correction. Investors are re-evaluating valuations in the high-growth segment.
On Friday, Malaysia's energy sector showed mixed performance, largely influenced by the volatility in international crude oil prices. Brent crude oil prices fluctuated between US$83 and US$85 per barrel, leading to a 0.5% gain for Petronas Chemicals Group Bhd to RM6.88, while some smaller oil and gas service companies saw pullbacks. Concurrently, the technology sector continued to face selling pressure, with the FBM Technology Index declining by 1.1%, primarily due to a correction in US tech stocks and an uncertain global interest rate outlook. For instance, Inari Amertron Bhd dropped 1.8% to RM3.25. Analysts suggest that with lingering concerns about global economic slowdown and investors re-evaluating high-valuation tech stocks, the technology sector is expected to remain under pressure in the short term. The energy sector, meanwhile, will continue to track oil price movements.
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