Tech and chip makers top losers in early trade

KUALA LUMPUR: Bursa Malaysia extended its losses early Tuesday with tech and chip makers among the top losers following the retreat of the Nasdaq on Wall Street while buying interest was curbed as all of Malaysia will come under the Movement Control Order from Wednesday.

At 9.32am, the FBM KLCI was down 8.26 points or 0.52% to 1,575.66. Turnover was 1.35 billion shares valued at RM582.42mil. Decliners beat advancers 715 to 122 while 293 counters were unchanged.

Bloomberg reported Asian stocks and US equity futures slid on Tuesday after a technology-led tumble on Wall Street as surging commodity prices stoked concern about inflation. The dollar pared a decline.

A gauge of Asian equities fell the most this month, with shares declining in Japan, Australia and South Korea. Nasdaq 100 contracts retreated after the index tumbled 2.6% amid the growing anxiety over inflation. S&P 500 futures dropped after the gauge fell from an all-time high.

At Bursa on Monday, local funds were net buyers at RM26mil while local retail investors bought net RM11mil but foreign funds remained net sellers at RM37mil.

Meanwhile, all of Malaysia will come under the MCO from Wednesday until June 7 in view of a “more critical and vicious third wave” of Covid-19 infections.

“With daily cases exceeding 4,000 cases, and with 37,396 active cases and 1,700 deaths as at May 10, Malaysia is facing a third wave that could break into a national crisis, ” said Prime Minister Tan Sri Muhyiddin Yassin on Monday.

Among the tech and chip stocks, MPI fell RM1.28 to RM37.12, Vitrox 46 sen to RM14.50, Unisem 37 sen to RM7.10, Greatec 26 sen to RM5.32 and Pentamaster 16 sen to RM4.57 while UWC lost 15 sen to RM5.12 and Dufu 13 sen to RM3.94.

Widetec jumped 41 sen to RM2.56 after the one-day limit-up price freeze on Monday.

However, glove makers climbed, with Adventa up 14 sen to RM2.13, Careplus and Supermax 10 sen each to RM2.39 and RM4.73 and Top Glove six sen to RM5.22.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3


Next In Business News

UK's Morrisons rejects takeover proposal from CD&R
Wall St week ahead - Fed shift causes rally in value stocks to wobble
Bank stocks lurch into ranks of June’s worst as rally unravels
Fernandes: Aviation industry likely to return to normal in 2022
KPower energises global energy, solar market
MEF: Well-coordinated enforcement activities on businesses crucial
Mustapa: 12MP includes National Recovery Plan
Maybank IB clinches top awards at FinanceAsia Country Awards, Alpha SEA
CPO futures to see profit-taking activities next week
Leon Fuat cautious on demand of steel products as Covid worries weigh

Stories You'll Enjoy