On February 5, Malaysian tech stocks generally declined, led by Inari Amertron, reflecting a global tech sector pullback. Concurrently, rising Brent crude oil prices boosted energy stocks, with strong performances from Tenaga Nasional and Genting Energy, indicating a shift in investor focus towards commodities.
Malaysia's stock market displayed clear sector divergence on Thursday. The technology sector was broadly under pressure, with the FBM Technology Index falling 1.5%, largely influenced by a global tech stock pullback. Inari Amertron dropped 1.2% to RM2.95, while Unisem also declined by 0.8%. Investor concerns over high valuations in tech stocks and potential US interest rate hikes were key factors. Concurrently, the energy sector showed robust performance, with the FBM Energy Index climbing 1.8%. A rise in Brent crude oil prices above US$80 per barrel buoyed the sector. Tenaga Nasional gained 0.7% to RM10.20, and Genting Energy also recorded a 0.5% increase. Analysts believe the appeal of the energy sector may persist, especially amid geopolitical tensions.
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