Technology-linked stocks retreat in line with tech sell-off at Wall St

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KUALA LUMPUR (Oct 29): Technology-related stocks on Bursa Malaysia fell at mid-morning today, in line with the sell-off of technology and internet shares at Wall Street last Friday.

On Bursa Malaysia, the technology index fell 3.24% or 1.1 points to 32.88.

Among the technology stocks that fell on Bursa Malaysia were Datasonic Group Bhd, which lost 7.79%; Frontken Corp Bhd, down 3.17%; Industronics Bhd, which dropped 5.56%; JCY International Bhd, which fell 2.04%; ViTrox Corp Bhd, which lost 4.88%; and Unisem (M) Bhd, which declined 1.71%.

The S&P 500 ended at its lowest level since early May last Friday and flirted with correction territory after technology and internet shares sold off further, capping another volatile week for US stocks, according to Reuters.

During the session, the benchmark S&P 500 fell more than 10% from its Sept 20 record closing high, but pared losses to end above that level. A finish of 10% or more below its all-time closing high would confirm a correction, it said.

Reuters said the Nasdaq registered its biggest weekly drop since March 23 after confirming a correction earlier in the week.

The newswire said grim results late Thursday from Inc and Alphabet Inc, two stocks that have helped power the equity markets' decade-long bull run, sparked the day's sell-off and overshadowed data showing the US economy continued to grow at a healthy clip.