‘Perghh, badly affected technology stocks this time.’
Technology stocks on Bursa Malaysia experienced a decline due to weak and risky market sentiment.
At 10 a.m., the local technology stock index was down 4.23% or 1.03 points at 68.67, tracking the weak performance of the Nasdaq which slipped 1.93% or 13,276.72 on Friday.
At the time of writing, Dagang NeXchange Bhd (DNeX) was down 1.96% or 2 sen at RM1, Inari Amertron Bhd was down 4.71% or 14 sen at RM2.83, Dataprep Holdings Bhd was down 2% or 0.5 sen at 24.5 sen, Greatech Technology Bhd lost 7.87% or 28 sen at RM3.28, JHM Consolidation Bhd plunged 9.7% or 15 sen at RM1.21 and Frontken Corp Bhd lost 5.77% or 15 sen at RM2.45.
Inter-Pacific Securities notes that short-term markets are expected to remain weak, influenced by turmoil in eastern Europe as well as a spike in commodity prices that sparked inflationary concerns.
He added that the instability will remain for a while in the past causing a lot of volatility (volatility) in the market.
Moreover, oil prices jumped 10% during Monday’s trading session with sanctions against Russia and delays in negotiations with Iran sparked concerns of global market stagflation, while commodity prices soared.
