On February 5, Malaysian tech stocks faced pressure from global sentiment, while the energy sector showed strength, buoyed by rising oil prices. This highlights a differentiated market view on sector prospects, with investors rotating towards more defensive or commodity-linked plays amidst current economic uncertainties.
Sector performance on Bursa Malaysia was polarized today. The technology sector generally faced pressure, influenced by global tech stock valuation adjustments and expectations of US interest rate hikes. The Technology Index fell by 0.6%, with major semiconductor players like Frontken Corp Bhd dropping 1.2% to RM3.30. In contrast, the energy sector showed robust performance, buoyed by rising international crude oil prices. Brent crude surpassed US$80 per barrel, leading to gains in Malaysian oil and gas companies. Petronas Chemicals Group Bhd rose 0.9% to RM7.85, and Yinson Holdings Bhd gained 1.5% to RM2.70. This indicates investors are reallocating assets, favoring sectors that benefit from commodity price increases.
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