KUALA LUMPUR (April 5): Technology stocks on Bursa Malaysia staged a rebound this morning, having earlier this week been hit by pressure amid the Sino-American tit-for-tat tariffs.
At 10.20am, technology stocks were trading in positive territory, with chip-testing company KESM Industries Bhd leading the pack at a RM1.18 or 8.15% gain to RM15.66. The stock hit a peak so far of RM16.80 as it recouped steep losses incurred from yesterday's meltdown.
Inari Amertron Bhd surged 14 sen or 5.86% to RM2.53, with a total of 3.33 million shares done in early trade.
ViTrox Corp Bhd rose nine sen or 1.83% to RM5, while Malaysian Pacific Industries Bhd stabilised at RM8.30, two sen or 0.24% higher from its last closing price.
Meanwhile, Unisem (M) Bhd edged up one sen or 0.43% to RM2.34, having briefly touched the RM2.37 mark earlier this morning.
Yesterday, China announced tariffs on more American goods in retaliation to the US's string of tariffs, raising fears of an escalation of trade war between the world's two largest economies. The FBM KLCI closed 34.84 points lower yesterday, with a whopping RM46 billion wiped out from the value of Malaysian stocks in the selloff.
Bursa Malaysia Technology Index edged higher this morning, up 3.3% or 0.96 point at press time. The index had lost 7.01% yesterday to close at 29.07 points.
The benchmark KLCI index was up 20.69 points or 1.14% at 1,836.63 points.