Bursa technology stocks tumble again as US tech shares crash on US tapering concern
KUALA LUMPUR (Jan 14): Technology stocks on Bursa Malaysia tumble again as US big tech shares crashed on US tapering concerns.
It was again a sea of red for the sector with Bursa Malaysia Technology Index slipping 5.52 points or 6.2% to 83.45 on Friday's (Jan 14) noon break.
The fall was led by Malaysian Pacific Industries Bhd, which was the top loser in terms of value, plunging RM3.80 or 8.12% to RM43.
This was followed by ViTrox Corp Bhd, which slumped RM1.52 or 8.25% to RM16.90; SAM Engineering & Equipment (M) Bhd, which fell RM1.08 or 4.94% to RM20.80.
Panasonic Manufacturing Malaysia Bhd, Kobay Technology Bhd, D&O Green Technologies Bhd, Greatech Technology Bhd, Unisem (M) Bhd, KESM Industries Bhd were also among the top 10 losers in terms of value.
Panasonic slipped 66 sen or 2.22% to RM29.12; Kobay slid 61 sen or 11.11% to RM4.88; D&O declined by 58 sen or 11.11% to RM4.64; Greatech tumbled 52 sen or 9.39% to RM5.02; Unisem lost 51 sen or 14.25% to RM3.07; KESM went down 46 sen or 3.72% to RM11.90.
“There was a rout on Nasdaq [on Thursday] night, Malaysian technology stocks were just following suit,” Inter-Pacific Securities head of research Victor Wan told theedgemarkets.com.
He expects technology stocks, which had a good run last year, to remain volatile in the short term because of the US tapering concern.
“The sector needs to pull back a little bit before making another push later on. If the share prices are low enough, it will become an attractive proposition,” he added.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong concurred with Wan and said the downtrend of Bursa technology stocks was due to the weakness in Nasdaq.
“Based on the current situation, the downtrend is expected to continue. Technology sector had a good run in 2021, I think investors are using this as an excuse to take profit,” he said.
However, in the long term, he opined that technology stocks' fundamentals remain intact, supported by their earnings growth.
“Now the technology [sector] is still under downward pressure. Investors could wait for the market sentiment to stabilise then to start bargain hunting,” he said.
Reuters reported that US stocks ended lower on Thursday, led by declines in Nasdaq and technology shares, as several Federal Reserve officials spoke about battling high inflation.
The Nasdaq dropped 2.5%; the S&P 500 technology index, which benefits from a low interest rate environment, fell 2.7% and led declines in the benchmark index, according to the newswire.
http://www.theedgemarkets.com/article/bursa-technology-stocks-tumble-again-us-tech-shares-crash-us-tapering-concern
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Coney Island – 3rd Visit1 day ago
-
-
-
-
About REITs And SORA (2025)1 day ago
-
-
-
-
-
-
-
Month of March 20251 day ago
-
-
Portfolio Summary for March 20252 days ago
-
-
-
-
-
-
-
-
Who am I?3 days ago
-
-
-
AEM share price lost aura3 days ago
-
-
-
-
-
Portfolio (Mar 31, 2025)4 days ago
-
Portfolio (Mar 31, 2025)4 days ago
-
-
STI reached All-Time High4 days ago
-
-
March 2025 Updates4 days ago
-
-
-
China versus US (stocks)6 days ago
-
-
-
-
-
-
-
-
-
Going short2 weeks ago
-
FAQ on Quantitative Investing2 weeks ago
-
-
-
-
-
-
Legoland 20253 weeks ago
-
-
-
-
-
-
Why do I top up my ASM3?4 weeks ago
-
Another one bites the dust4 weeks ago
-
-
Trading Journal As Of 21 Feb 20255 weeks ago
-
-
-
-
The Ultimate SG-JB Geo Arbitrage: Petrol1 month ago
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?2 months ago
-
Tiger Brokers (New Promo)2 months ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!3 months ago
-
Top 10 Highlights of 20243 months ago
-
Why do I question about life?3 months ago
-
-
-
-
My Palantir Regret4 months ago
-
2023 Trading Recap – $11,000 in profit!4 months ago
-
-
Union Square Residences5 months ago
-
-
-
-
STI ETF6 months ago
-
-
-
Unibet Casino Bonus Codes 20246 months ago
-
-
-
-
-
-
Monthly IBKR Update – June 20248 months ago
-
-
-
-
-
-
-
Breakthroughs in portfolio :)10 months ago
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
-
-
-
-
A New Light1 year ago
-
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment2 years ago
-
Terra Hill Condo (former Flynn Park)2 years ago
-
Alibaba VS Tencent: The Battle Royale2 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-