Tech stocks rebound after yesterday's slump

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KUALA LUMPUR (Aug 27): Shares of semiconductor and technology-related (tech) stocks listed on Bursa Malaysia staged a rebound today, with some rising by as much as 6.42% after yesterday’s slump.

The technology index on the local exchange was up 2.46% and was the strongest rising indicator today.

Yesterday, reported that the largely exports-driven semiconductor and technology-related companies retreated as much as 14% despite the weakening ringgit, which slid to a fresh 17-year low of 4.2995 before closing at 4.2460.

At the point of writing today, the local note was valued at 4.2242 against the greenback, while the benchmark FBM KLCI has rebounded as much as 18.17 points or 1.15% at 1,598.54 points.

Among the major tech stocks on the rise today was Malaysian Pacific Industries Bhd (fundamental: 1.8; valuation: 2), which rose 18 sen or 2.86% to RM5.70 after some 126,800 shares changed hands.

The current price gives it a market capitalisation of RM1.29 billion.

Globetronics Technology Bhd (fundamental: 3; valuation: 1.7) added 11 sen or 1.97% to RM5.70, with 499,100 shares traded, bringing it a market capitalisation of RM1.61 billion.

Inari Amertron Bhd (fundamental: 3; valuation: 2.1) rose eight sen or 2.61% to RM3.13 after reaching a high of RM3.16 earlier today. Some 2.48 million shares were seen exchanged as at 2.52 pm.

Over at the ACE Market, IFCA MSC Bhd (fundamental: 3; valuation: 1.5), whose share price has taken a nosedive recently, rebounded 3.5 sen or 6.42% to 58 sen. It should be noted that it hit its all-time high of RM1.75 on May 15 this year.

Microlink Solutions Bhd (fundamental: 1.7; valuation: 0.6) also surged 3.5 sen or 4.05% to trade at 90 sen, after 115,100 shares changed hands.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)