KUALA LUMPUR (Aug 4): Technology-related stocks thrived at mid-morning today, amid sluggish broader market conditions, as traders focused on these counters.
At 10.43am, the FBM KLCI fell 1.15 points to 1,770.75.
Among these technology-related stocks, Unisem (M) Bhd jumped 6.30% or 24 sen to RM4.05, Trive Property Group Bhd up 4.76% or 0.5 sen to 11 sen, Willoglen MSC Bhd up 3.73% or 6 sen to RM1.67, while JCY International Bhd gained 4.39% or 2.5 sen to 59.5 sen.
Hong Leong IB Research in a traders’ brief said divergence has been spotted between the Dow and S&P500 in the US, which we think the Dow's upward trend might not be sustainable.
“Hence, profit taking activities may curtail the upside momentum over the near term. Also, investors may be monitoring the monthly payroll data for further clues on the health of the economy.
“Meanwhile, stocks on the local front may extend the sluggish trading tone without any fresh leads in the markets, and the FBM KLCI is likely to trend sideways with the resistance set along 1,775-1780.
“However, traders could still focus on technology and ACE market stocks, as they were traded actively over the past few days,” the research house said.