Technology stocks continue to fall on profit taking

Technology stocks continue to fall on profit taking
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KUALA LUMPUR (March 8): Technology-related stocks on Bursa Malaysia continued to fall on profit taking this morning, with Malaysian Pacific Industries Bhd (MPI), ViTrox Corp Bhd and Unisem (M) Bhd topping the list of losers.

MPI was the top loser this morning, declining RM1.42 or 3.6% to RM37.98 at 10.48am.

ViTrox was the second top loser, losing 42 sen or 2.65% to RM15.40, followed by Unisem, which slipped 24 sen or 2.97% to RM7.85.

Rakuten Trade’s research head Kenny Yee told theedgemarkets.com that the fall in technology counters this morning could be due to profit taking and a shift in investor interest to oil and gas (O&G) stocks and other laggards.

He opined that the technology counters will remain in downtrend over the short term.

Overall, the Bursa Malaysia Technology Index had fallen 1.65% to 83.59 at 10.49am.

Frontken Corp Bhd, Mi Technovation Bhd, UWC Bhd, Dufu Technology Corp Bhd and PIE Industrial Bhd were also among the top 20 losers.

At 10.52am, Frontken had slid 16 sen or 3.21% to RM4.83; Mi Technovation tumbled 14 sen or 3.46% to RM3.91; UWC declined by 17 sen or 2.93% to RM5.64; PIE dropped by 10 sen or 2.95% to RM3.29; and Dufu came down 10 sen or 2.95% to RM3.29.

Jenny Ng