Malaysian tech stocks tepid despite rebound on Wall St

Malaysian tech stocks tepid despite rebound on Wall St
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KUALA LUMPUR (Sept 10): Shares in technology stocks across Bursa Malaysia were tepid despite Wall Street bouncing back strongly overnight on a tech rebound following a three-day losing streak.

Reuters reported that Wall Street’s main indices rallied yesterday to stanch the bleeding after a three-day drop as investors jumped back to take advantage of repricing of technology-related stocks, a day after the Nasdaq confirmed correction territory.

The Dow Jones Industrial Average closed 439.58 points or 1.6% higher at 27,940.47. The S&P 500 jumped 2% to 3,398.96, while the Nasdaq Composite advanced 2.7% to 11,141.56. 

It was the S&P 500's best day since June 5, when it popped 2.6%. The Nasdaq had its biggest one-day gain since April 29, when it surged 3.6%, according to CNBC Asia. 

Back in Malaysia, Malaysian Pacific Industries Bhd (MPI) was among the top gainers on Bursa Malaysia this morning. At 9.50am, MPI shares had pared gains to RM17, up 0.71% or 12 sen. The stock earlier rose to RM17.38, its intraday high so far today. 

Meanwhile, other technology counters, namely Grand-Flo Bhd, JCY International Bhd and MQ Technology Bhd, were among the top actively traded counters on the local bourse.

At 9.50am, Grand-Flo's share price was up 7.55% or two sen at 28.5 sen. JCY fell 0.64% or half a sen to 77.5 sen, while MQ Technology was unchanged at 16 sen. 

At 9.40am, the Bursa Malaysia Technology Index had reversed earlier gains and fallen 0.77% or 0.42 point to 54.01. The gauge earlier opened 1.19% or 0.65 point higher at 55.08 and rose to as high as 55.29.

Lam Jian Wyn