Share prices of Bursa Malaysia Technology Index constituents including Malaysian Pacific Industries Bhd (MPI), ViTrox Corp Bhd and Unisem (M) Bhd fell among top decliners across the exchange in morning trade today after the US’ tech-laden Nasdaq declined over 2% in overnight trade to record a more than 10% drop since its Feb 12 closing high to confirm a correction.
The benchmark index rose to 1,611.81 points at the closing bell.
PetChem was among the top gainers today, rising by 6.78% or 53 sen to RM8.35, with a market value of RM66.8 billion. Meanwhile, shares in GenM closed 4.05% or 12 sen higher at RM3.08, valuing it at RM18.29 billion with Axiata finishing the trading day 4.08% or 14 sen higher at RM3.57, translating into a market valuation of RM32.74 billion.
In a note today, TA Securities Research said the technical trend and momentum indicators for the FBM KLCI have improved significantly following last week’s rebound.
“With economic recovery plays gaining traction on reopening optimism, sectors deemed to benefit most from reopening of the domestic economy such as banking, gaming, property, oil and gas, and transportation should continue to perform well.
KUALA LUMPUR (March 8): Technology-related stocks on Bursa Malaysia continued to fall on profit taking today, as the selldown on US technology stocks weighed on sentiment and investors shifted interest to other recovery plays.
Bursa Malaysia’s technology index fell 6.09% to 79.81, with Malaysian Pacific Industries Bhd, ViTrox Corp Bhd and UWC Bhd topping the list of losers.
MPI was the top loser, plunging RM4.52 or 11.47% to RM34.88, followed by ViTrox’s RM1.22 or 7.71% drop to RM14.60, and UWC sinking 68 sen or 11.7% to RM5.13.
Meanwhile, KESM Industries Bhd slid 62 sen or 4.59% to RM12.88, Unisem (M) Bhd lost 59 sen or 7.29% to RM7.50, Penta Master Corp Bhd tumbled 47 sen or 8.22% to RM5.25, and D&O Green Technologies Bhd slipped 41 sen or 10.57% to RM3.47.
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