Bursa Malaysia ended the morning session in positive territory as investors revisited the local equity market after full lockdown fears ease. At 12.30pm, benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 11.24 points, or 0.72% to 1,573.41 from 1,562.17 at last Friday's close.
KUALA LUMPUR (May 11): Bursa Malaysia’s Technology Index fell 1.58% to 78 as selling pressure on big tech shares sent the US Nasdaq Composite down 2.55% overnight to 13,401.86 points.
Malaysian Pacific Industries Bhd (MPI), Greatech Technology Bhd and Unisem (M) Bhd were among the top 30 losers this morning.
At the time of writing, MPI, the top loser, had fallen RM1.40 or 3.65% to RM37.
Meanwhile, Unisem slid 27 sen or 3.61% to RM7.20, while Greatech was down by 23 sen or 4.12% at RM5.35.
Phillip Capital Management Sdn Bhd chief strategist Phua Lee Kerk is neutral on the outlook for technology stocks.
He opined that there are still some upsides for technology stocks as recovery plays are dragged by the movement control order (MCO 3.0).
Should investors pick cheap glove stocks or expensive tech stocks? msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR (April 15): While much has been said about the growth of glove stocks and tech counters on Bursa Malaysia, two companies in different sectors Press Metal Aluminium Holdings Bhd and Petronas Chemicals Group Bhd (PetChem) have emerged as dark horses in the list of largest companies.
Press Metal was the 28th largest company on the exchange on March 31, 2020 with a market capitalisation of RM13.29 billion, according to Bloomberg data. It rose to 22nd place on Sept 30, 2020 with a market value of RM20.77 billion, and has now climbed to eighth place with a value RM40.46 billion.
In short, between March 31, 2020 and today, the aluminium supplier has added some RM27.17 billion in market capitalisation.
FBM KLCI closes at intraday-low of 1,616 73 amid cautious trading theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.