Malaysia's technology sector experienced a slight pullback today, with the technology index declining by 0.8%. In contrast, the energy sector showed robust performance, driven by a 1.1% rise in the energy index, primarily due to increasing international oil prices. Investors are shifting focus towards commodities.
On Bursa Malaysia today, sector performances were mixed. The technology sector experienced a slight pullback after its recent strong run, with the technology index declining by 0.8%, primarily influenced by lukewarm overnight performance of US tech stocks. For instance, Inari Amertron fell by 0.5% while MPI saw a 0.7% decrease. Meanwhile, the energy sector shone brightly, with its index rising by 1.1%. International crude oil prices (Brent crude) climbed above US$80 per barrel, boosting investor confidence in energy stocks. Sapura Energy gained 2.5%, and Yinson Holdings recorded an increase of 1.8%. Analysts believe that as the global economy recovers, demand for energy will continue to grow, providing sustained support for the sector.
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