KUALA LUMPUR: Shares of technology and semiconductor-related stocks continued to attract investors’ interest in early trade Thursday.
Bursa Malaysia Technology Index rose1.37 points to 86.41 points.
MPI jumped RM1.22, or 3.39% to RM37.16, UWC added 24 sen to RM17.02, KESM rose 24 sen to RM17.02, Vitrox gained 24 sen to RM17.64 and Greatech added 14 sen to RM6.39.
A few counters hit record high yesterday and the majority companies are expected to deliver good earnings in their upcoming quarterly results this month.
In a recent report, Hong Leong Investment Bank Research has reiterated its "overweight" call on the technology sector as it expects that segment to experience multi-year earnings growth supported by fundamental exponential demand.
The research house’s forecasts reflect that the majority of the companies under its coverage - Frontken, UWC, Inari and ViTrox - will likely deliver all-time high earnings in the upcoming quarterly results.
According to the US-based Semiconductor Industry Association (SIA), global semiconductor industry sales rose 6.5% year-on-year in 2020 to US$439bil, from US$412.3bil a year earlier.
SIA said global sales in the month of December 2020 were US$39.2bil, an increase of 8.3% compared to the December 2019 total and 2% less than the total in November 2020.