The technology sector experienced a 2.1% decline today, mirroring a global sell-off in tech stocks. Conversely, the energy sector defied the broader market trend, gaining 1.5% as global oil prices surged past US$80 per barrel. This divergence highlights the impact of commodity price movements on sector performance, with investors rotating out of growth-oriented tech and into value-focused energy plays amid current market uncertainties.
Sector performance on Bursa Malaysia was mixed today. The technology sector was a significant drag, with the Technology Index falling 2.1%, influenced by a pullback in US tech stocks and uncertain global semiconductor outlook. For instance, Inari Amertron declined 2.5% to RM3.12. In contrast, the energy sector bucked the trend, with the Energy Index gaining 1.5%. This was primarily driven by rising international crude oil prices, with Brent crude futures surpassing US$80 per barrel. Petronas Chemicals Group rose 1.8% to RM7.15, while Yinson Holdings also saw a modest gain of 0.9%. Analysts anticipate that energy stocks could continue to outperform in the current high oil price environment, while the tech sector may face short-term adjustment pressures.
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