The technology sector fell 2.5% today, impacted by a global tech sell-off. In contrast, the banking sector showed resilience, gaining 0.3%, buoyed by strong earnings prospects and stable domestic economic conditions.
Today on Bursa Malaysia, the technology sector emerged as one of the weakest performers, with the FBM Technology Index declining by 2.5%. This downturn was largely influenced by a broader global tech sell-off. Companies like Vitrox Corp and Inari Amertron saw their shares drop by 3.1% and 2.8% respectively, as investors grew concerned about how a potential global economic slowdown could impact demand for tech products. In contrast, the financial sector demonstrated resilience, with the FBM Financial Services Index gaining 0.3%, primarily driven by the stable performance of major banking stocks and anticipation of robust upcoming earnings reports. This indicates a preference among investors for defensive sectors with stable cash flows amidst current market uncertainties.
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