Thursday 28 Mar 2024
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KUALA LUMPUR (June 15): Bursa Malaysia’s Technology index rose the most in percentage terms so far today after the gauge settled up 0.64% during the bourse’s afternoon break as Malaysian shares took a cue from US share indices' rise to record highs in overnight trades.

Overnight in the US, Reuters reported that the S&P 500 and Nasdaq eked out record high finishes on Monday, despite most traders being focused on this week's Federal Reserve meeting and not on adding to existing positions.

AFP reported that both the S&P 500 and Nasdaq ended at all-time highs, benefiting from a resurgence in technology shares.

On Bursa today, the Technology index, which tracks share prices of companies like semiconductor manufacturers and IT services providers, settled up 0.52 points or 0.64% at 81.2 during the bourse’s 12:30pm break.  

At a glance, Bursa's most-active stocks and top gainers lists included technology index components including IT services provider Dagang NeXchange Bhd (DNeX) and semiconductor manufacturer Malaysian Pacific Industries Bhd (MPI) respectively.

DNeX’s share price rose 2.5 sen or 2.89% to 89 sen with some 148 million units traded.

MPI’s share price jumped 40 sen or 1% to RM40.40.

Bursa top gainers included technology index components MI Technovation Bhd and UWC Bhd.

MI Technovation rose 18 sen or 5.63% to RM3.38 while UWC increased 12 sen or 2.27% to RM5.41.

Globally, investors have been watching US-listed technology shares against the country’s inflation outlook.

It was reported that investors are seeking new cues from the US central bank on its inflation outlook, after recent data indicated the US economy is regaining momentum but not overheating. 

This has eased investor worries about inflation and such sentiment bodes well for technology shares.

"High-growth tech-related stocks, which were at the heart of a sell-off driven by fears of rising rates, have regained their footing this month at the expense of economy-linked industrials, financials and materials stocks.

"The S&P technology index closed at 2,515, just shy of its highest-ever finish on April 26. It was one of a half-dozen sectors that ended in positive territory. Materials and financials were the leading laggards,” Reuters reported

It was reported that the Dow Jones Industrial Average fell 85.85 points, or 0.25%, to 34,393.75, the S&P 500 gained 7.71 points, or 0.18%, to 4,255.15 and the Nasdaq added 104.72 points, or 0.74%, to 14,174.14. 

"There are really good arguments on both sides of the inflation debate, but to think it's a good idea to make substantive changes right now, based on continued increase in inflation or a transitory rate, seems silly to me," Mark Stoeckle, CEO and senior portfolio manager of the Adams Funds, was quoted by Reuters as saying.

Edited ByChong Jin Hun
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