Malaysian technology stocks continued to face pressure on Monday, influenced by global semiconductor cycle adjustments and a pullback in US tech shares. In contrast, the energy sector stood out with strong performance, driven by rising oil prices, with Petronas Gas shares climbing 2.1%. Investors are shifting focus towards more defensive and commodity-linked sectors.
On Monday, Malaysian technology stocks generally faced adjustment pressure, with the FBM Technology Index falling by 0.8%. Major tech companies like Frontken and Inari Amertron saw their share prices drop by 1.5% and 1.0% respectively. This aligns with the global semiconductor industry's trend of inventory adjustments and slowing demand. However, the energy sector bucked the trend, performing strongly. As international crude oil prices surpassed US$85 per barrel, Petronas Gas shares rose 2.1% to RM17.80, and Genting Energy also recorded decent gains. Analysts believe that in the current market environment, energy stocks are favored by investors due to their stable cash flow and inflation-hedging characteristics.
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