KUALA LUMPUR: Domestic technology stocks on Bursa Malaysia continue to gather strong momentum and trended higher in early trade as investors reacted positively to the meeting between United States President Donald Trump and Chinese President Xi Jinping at the Beijing Summit.
At 10.10 am, semiconductor company Malaysian Pacific Industries
emerged as one of the top gainers, with the stock gaining RM1.26 to RM45.50 with 254,800 shares traded.
Other tech-related counters also advanced, with UMS Integration adding 43 sen to RM9.41, Genetec increasing 1.5 sen to 34.5 sen, and Oppstar gaining 3.0 sen to 82 sen.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that many deemed the meeting between Trump and Xi as "friendly” so far, with many trades being reopened and revisited, especially in the technology sector.
Echoing the statement, Malacca Securities Sdn Bhd said Nvidia has received approval to resume sales of its H200 chips, a move set to directly benefit Chinese data centre operators such as GDS Holdings and VNET Group.
This comes as President Xi personally assured US firms that China will continue to broaden market access.
"Moreover, we remain positive regarding the high-volume shipments of Micron Technology’s chips, a pivotal component for Nvidia’s forthcoming Rubin architecture. Besides, the projected surge in US Navy defence spending is expected to provide a significant tailwind for both ATI Inc and BWX Technologies,” it said in a note.
Joining Trump on the China trip are a group of chief executive officers (CEOs) looking to resolve issues with China, including Apple chief executive Tim Cook, Tesla founder Elon Musk and Nvidia CEO Jensen Huang. - Bernama
