Quick take: Tech, semiconductor stocks still on a roll

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.

Malaysian Pacific Industries (MPI), UWC Bhd, Vitrox Corp Bhd, KESM Industries Bhd and Greatech Technology Bhd are among the top gainers on Bursa Malaysia.

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.

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Technology , Semiconductor , MPI , UWC


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