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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). ....
KLCI closes lower as investor sentiment weighed by overnight tech sell-off on Nasdaq 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.
KUALA LUMPUR (Feb 25): Based on corporate announcements and news flow today, companies in focus tomorrow (Feb 26) may include: Axiata Group Bhd, Genting Bhd, Genting Malaysia Bhd, UMW Holdings Bhd, Axiata Group Bhd, Malayan Banking Bhd, Public Bank Bhd, Sime Darby Bhd, Sime Darby Property Bhd, Unisem (M) Bhd, Kerjaya Prospek Group Bhd, S P Setia Bhd, MSM Malaysia Holdings Bhd, Matrix Concepts Holdings Bhd, Dutch Lady Milk Industries Bhd, TSH Resources Bhd, Dagang NeXchange Bhd, Malaysia Building Society Bhd, Malaysian Pacific Industries Bhd, IJM Plantations Bhd, PPB Group Bhd, Kenanga Investment Bank Bhd, Malaysian Resources Corp Bhd, Media Chinese International Ltd, Media Prima Bhd, YTL Corp Bhd, Mah Sing Group Bhd, FGV Holdings Bhd and VS Industry Bhd. ....
However, Hong Leong Investment Bank s head of retail research Ng Jun Seng opined that volatility remains. The index rose to a high of 1,593.08 earlier. Ng said investors were still assessing the impact of the recent Movement Control Order on the economy and corporates. He also reckoned that buying interest was weak ahead of the holidays (Thaipusam on Jan 28 and Federal Territory Day on Feb 1). “There is a cap on the upside at this juncture. Based on technical terms, if the market can’t reclaim above the 1,600 psychological level, the KLCI will be stuck at range bound,” he told thedgemarkets.com. ....
The index had slipped to a low of 1,608.64 points earlier. Hong Leong Investment Bank’s head of retail research Ng Jun Seng told theedgemarkets.com he expects range-bound trade ahead of BNM s OPR meeting and elevated Covid-19 infections. “I think everybody is watching whether there will be a rate cut in the upcoming OPR meeting. Banking stocks are taking a hit because the market expects BNM to cut rates,” he said. According to him, investors were also cautious as they were still assessing the impacts of the recent movement control order (MCO 2.0) and conditional movement control order (CMCO) on the market, economy and corporate earnings. ....