Quick take: Tech stocks tumble on Bursa Malaysia


  • Business
  • Tuesday, 21 May 2019

KUALA LUMPUR:  Key technology stocks weighed on the Bursa Malaysia technology index in early trade Tuesday following the US government’s move against Huawei Technologies Co.


The US has placed Huawei to a trade blacklist last week and several companies have suspended business with the Chinese company. Alphabet Inc's Google has moved to stop providing Huawei with access to its proprietary apps and services.


Tech players such as Malaysian Pacific Industries Bhd (MPI), INARI AMERTRON BHD, Globetronics Technology Bhd, Vitrox Corp Bhd and Pentamaster Corp Bhd, saw their share prices impacted.


MPI shed 1.89%, or 18 sen to RM9.32, Pentamaster fell 3.69%, or 16 sen to RM4.18 and Inari declined 4%, or six sen to RM1.44.


Globetronics fell 2.37%, or four sen to RM1.65 and Vitrox 0.99%, or seven sen to RM7.01.


The U.S. government on Monday temporarily eased some trade restrictions imposed last week on China's Huawei, a move that sought to minimise disruption for the telecom company's customers around the world.


The U.S. Commerce Department will allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets.



tech stocks , Inari , MPI

   

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