Technology stocks

Tech stocks fall in line with weak market sentiment

KUALA LUMPUR (March 7): Tech stocks in Bursa Malaysia declined on weak overall market sentiment.

As of 9:45 a.m. Monday, March 7, the tech index was down 4.23% or 1.03 points at 68.67, following the Nasdaq which fell 1.93% to 13,276.72 last Friday.

Meanwhile, FBM KLCI was down 17.99 points at 1,585.95.

At the time of writing, Dagang NeXchange Bhd (DNeX) had fallen 1.96% or two sen to RM1, Inari Amertron Bhd had fallen 4.71% or 14 sen to RM2.83, Dataprep Holdings Bhd had down 2% or half a sen to 24.5. sen, Greatech Technology Bhd was down 7.87% or 28 sen at RM3.28, JHM Consolidation Bhd was down 9.7% or 15 sen at RM1.21 and Frontken Corp Bhd was down 5.77% or 15 sen at RM2.45.

Inter-Pacific Securities Sdn Bhd said the near-term market outlook remained weak, hurt by lingering uncertainties in Eastern Europe as well as soaring commodity prices which are fueling inflation fears again.

He said as a result, fluidity will remain for now, which could lead to more market volatility.

“There appears to be little respite for the lower liners and broader market shares as the selling appears to continue in the near term.

“Positive leads are still scarce after the earnings season ends and the lack of catalysts would continue to drive away smaller players until market conditions are more stable,” he said.

Reuters said oil prices soared more than 10% in hectic trading on Monday, as the risk of a U.S. and European ban on Russian products and delays in Iranian talks sparked what was shaping up to be a major stagflationary shock to global markets.

He said the euro extended its slide and commodities on all sides were up as the Russian-Ukrainian conflict showed no signs of cooling. Russia calls the campaign it launched on February 24 a “special military operation”, saying it has no intention of occupying Ukraine.