Today on Bursa Malaysia, the technology sector faced correction pressure, with major tech stocks declining by 1.5%. In contrast, the energy sector remained stable, supported by the stabilization of international oil prices. Investors are re-evaluating valuations in the tech space while finding resilience in energy.
On Bursa Malaysia today, the technology sector was among the weaker performers, with the main tech index falling by 1.5%. For instance, Inari Amertron (INARI) dropped 2.0% to RM3.15, while Malaysian Pacific Industries (MPI) also declined 1.8% to RM29.50. Analysts attribute this largely to recent global tech stock corrections and concerns over high valuations. Meanwhile, the energy sector remained relatively stable, with international Brent crude oil prices holding steady around US$83 per barrel, supporting the share prices of energy-related companies like Dialog Group (DIALOG) and Petronas Chemicals (PCHEM). Dialog saw a slight gain of 0.5%, while PCHEM remained flat. Investors are seeking more defensive investments amidst current market conditions.
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