Malaysia's technology sector experienced a significant decline today, falling 2.1% to become the worst-performing sector. This downturn was largely influenced by ongoing global semiconductor industry weakness and a pullback in US tech stocks. Investors are adopting a cautious stance regarding the sector's short-term outlook, prompting profit-taking activities in several key technology counters.
Malaysia's technology sector underperformed significantly today, dropping 2.1% overall to become the biggest loser of the day. Key technology counters such as Inari Amertron fell 3.5% to RM3.20, while MPI also declined 2.8% to RM30.50. This downturn was primarily influenced by the negative sentiment stemming from a slowdown in global semiconductor demand and an overnight pullback in US technology stocks. Analysts noted that while the long-term outlook remains positive, the market is cautious about technology stock valuations and earnings growth in the short term. Investors are re-evaluating risks and taking profits from highly valued tech stocks, shifting towards more defensive sectors, which has led to sustained selling pressure on technology counters.
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