Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 15): Technology counters continued to trail upwards as bargain hunting persisted for the second day running this week, boosted by better sentiment on the sector across the wider market.

Hong Leong Investment Bank Research analyst Low Lei Yee said in a traders brief today that technology-related counters should be able to recover higher, after a sharp fall last week.

“Sentiments on the local front are likely to remain buoyant, amid the positive performance on the overnight Wall Street,” the analyst said.

Reuters reported US stocks recovered further on Monday from last week's selloff, with the S&P 500 posting its biggest one-day percentage gain since April, as worries eased about a conflict between the United States and North Korea.

Technology shares were among stocks giving the index its biggest boost, Reuters added, also helped by better-than-expected Japan GDP expansion in the second quarter.

At 11.35pm, Malaysian Pacific Industries Bhd led gainers in Bursa Malaysia, after rising 42 sen or 3.2% to hit its all-time high of RM13.54. Other tech counters on the list include Vitrox Corp Bhd — up 10 sen or 2.56% at RM4.41; and KESM Industries Bhd — up 16 sen or 1.07% at RM15.16.

A similar trend was seen across the ACE Market. Gainers include electronic measurement systems manufacturer MLabs Systems Bhd, as well as Nova MSC Bhd and Vivocom Holdings Bhd, who offer software applications services.

Across the board, actives include MLabs, Dataprep Holdings Bhd and Inari Amerton Bhd. Meanwhile, decliners include Elsoft Research Bhd, Theta Edge Bhd, Managepay Systems Bhd, Focus Dynamics Group Bhd and Silver Ridge Holdings Bhd.

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