The spectacular performance of semiconductor and semiconductor-related stocks was largely overshadowed by the rubber glove mania last year amid the Covid-19 pandemic. And just when investors are wondering what’s next for a sector rotational play, tech stocks are now charging forward, taking their turn in the limelight.
At 10am, the FBM KLCI was up 6.82 points at 1,601.62.
Gainers led losers by 398 to 357, while 392 counters traded unchanged. Trading volume was 1.76 billion shares valued at RM848.39 million.
The top gainers included Unisem (M) Bhd, Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Nestle (Malaysia) Bhd, ViTrox Corp Bhd, Supermax Corp Bhd, Public Bank Bhd and Top Glove Corp Bhd.
The actively traded stocks included Dagang NeXchange Bhd (DNeX), Vsolar Group Bhd, Dynaciate Group Bhd, KTG Bhd and Lambo Group Bhd.
The decliners included KESM Industries Bhd, KPower Bhd. Petronas Chemicals Group Bhd (PetChem), Hap Seng Consolidated Bhd, Petronas Gas Bhd (PetGas) and AEON Credit Service (M) Bhd.
At 9.05am, the FBM KLCI added 3.39 points to 1,598.19.
The early gainers included Carlsberg Brewery Malaysia Bhd, Malaysian Pacific Industries Bhd, Unisem (M) Bhd, ViTrox Corp Bhd, Public Bank Bhd, Pintaras Jaya Bhd, Supermax Corp Bhd, Euro Holdings Bhd and Hartalega Holdings Bhd.
Bloomberg said Asian stocks pulled back from an all-time high in early Friday trading as investors assessed earnings, prospects for stimulus and escalating coronavirus cases.
The dollar was on course to decline for its first week in three, it said.
Inter-Pacific Research Sdn Bhd said the FBM KLCI slipped below the 1,600 level yesterday on sustained funds’ profit taking/selling actions, extending its downtrend for a sixth straight session.
Tech stocks are back on a rally as the Bursa Malaysia Technology Index jumped as much as 3.42% this morning with at least six of its counters reaching record high, as global semiconductor sales and spending forecasts are pointing north for 2021.
The main index at Bursa Malaysia rose 0.57% in early trade on Thursday in line with regional markets as renewed optimism over US fiscal spending lifted global investor sentiment. At 9.10am, the FBM KLCI rose 9.19 points to 1,610.73.d