Malaysian technology stocks experienced a pullback on Friday, while the banking and energy sectors delivered strong performances. The Technology Index fell 0.8%, mainly due to global tech profit-taking. The Banking Index rose 1.1%, and the Energy Index gained 0.7%, benefiting from higher oil prices and robust financial outlooks.
Sectoral performance on Bursa Malaysia was mixed on Friday. The technology sector experienced a pullback after its recent strong rally, with the FBM Technology Index declining 0.8%. This was largely influenced by global tech profit-taking sentiment. For instance, Greatech Technology fell 1.5% to RM4.00, while Inari Amertron dropped 1.0% to RM3.15. In contrast, the financial and energy sectors shone brightly. The FBM Financial Services Index surged 1.1%, bolstered by the robust performance of Maybank and CIMB. The Energy Index also gained 0.7%, primarily driven by rising international crude oil prices, with Brent crude surpassing US$82 per barrel. Oil and gas service providers like Velesto Energy rose 2.0% to RM0.255. Analysts believe that funds are rotating from overvalued tech stocks into fundamentally sound traditional sectors.
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