KUALA LUMPUR: Bursa Malaysia’s know-how index was solely slightly lower regardless of the sharp sell-off in US tech shares in a single day as buyers dumped progress counters in favour of worth performs.
The Nasdaq was seen plunging over 2% as buyers recalibrated their portfolios following the US Federal Reserve’s announcement it might finish its bond-buying programme and lift rates of interest subsequent 12 months.
However, the tech sector on Bursa Malaysia was down simply 0.5% to 94.88, whilst analysts stated the sector will stay beneficial given it continues to have progress prospects and is export-oriented.
“Although worth shares are anticipated to take the entrance seat, in opposition to the backdrop of persistently excessive inflation and a rising yield setting, export-oriented and apolitical sectors like know-how will proceed to be in favour going into 1Q22 – amid the home political uncertainties and powerful US greenback pattern.
“Sector valuation is more likely to keep elevated, with the strong progress on supply
(albeit at slower tempo) on prime of structural know-how progress,” stated RHB Research in a report.
On Friday, there have been some notable decliners on the tech index together with Inari Amertron
down eight sen to RM3.90, MI Technovation down three sen to RM3.34 and MPI dropping two sen to RM48.64.
Pentamaster nonetheless was seen rising 4 sen to RM5.49 whereas CTOS Digital climbed three sen to RM1.78.
Blue chips on the FBM KLCI had been largely constructive regardless of a sluggish begin following the unfavorable efficiency on Wall Street in a single day.
At 9.35am, the benchmark index remained flattish, rising 3.38 factors to 1,488.47.
Some notable gainers included , IHH including 5 sen to RM6.55 and Tenaga climbing 10 sen to RM9.34.
Exporters and commodity performs moved larger as they’re poised to learn from the upper US greenback pattern.
Petronas Chemicals rose six sen to RM8.74, Top Glove gained three sen to RM2.07, Hartalega was up 11 sen to RM5.21 and Kuala Lumpur Kepong up six sen to RM21.06.
Over the broader market, there have been 266 decliners to 217 gainers. Top actives had been ATA IMS down 0.5 sen to 67.5 sen, Hwatai up 9.5 sen to 76.5 sen and MAG gaining one sen to 21 sen.
