Technology stocks generally fell today, while the energy sector received a boost from rising international oil prices. Concerns over slowing global semiconductor demand weighed on the tech sector, contrasting with positive sentiment for oil and gas counters.
On Bursa Malaysia today, the technology sector showed weakness, with its index falling 1.5%, primarily due to uncertainties in the global semiconductor industry outlook and an overnight dip in the Nasdaq. For instance, MPI (Malaysian Pacific Industries) dropped 2.1% to RM35.10, while Inari Amertron declined 1.8% to RM3.28. Conversely, the energy sector gained support from rising international oil prices (Brent crude surpassing US$85 per barrel), with its index rising 0.7%. Velesto Energy climbed 2.5% to RM0.20, and Dialog Group edged up 0.6% to RM2.45. Market views on different sectors are clearly divergent, as investors adjust portfolios based on macroeconomic signals.
Share: