Bursa Malaysia gave up its recent gains as an AI rout gripped global markets. The FBM KLCI had been jubilant a day earlier, after the uncertainty of the US midterm election passed.
Traders feared a Democrat-led US Congress would bring more oversight to the sector. That fear added to the selling pressure already hitting technology names.
Why Are Bursa Malaysia Tech Stocks Falling Today?
The FBM KLCI was down about 1%, or 15.91 points, to 1,619.95 as at 9.10am. Malaysian tech stocks fared worse, down 5.78% at the time of writing, with big losses in the semiconductor plays.
Wall Street suffered its worst performance in 18 months after intense selling in the technology sector.
How Far Did Wall Street and Asia Fall?
- Nasdaq: down 5.5% to 1,421.52, wiping out about US$2.5 trillion in a record daily loss in market capitalisation for the index
- S&P 500: down 4.36% to 7,353
- Dow Jones: down 3.44% to 51,523
- South Korea’s Kospi: dived 7.7% to 4,968
- Japan’s Nikkei: plunged 6.11% to 57,346
Apex Securities said technology is the sector most at risk today. It pointed to the Philadelphia Semiconductor Index, which fell over 12% on Thursday, as a threat of further downside for the local sector.
Which Bursa Tech Stocks Lost the Most Ground?
- Vitrox: lost 64 sen to RM9.96, the largest sen drop among the named tech counters
- UWC: slid 52 sen to RM6.07
- Pentamaster: fell 48 sen to RM4.67
- KESM: shed 24 sen to RM4.30
- Inari Amertron: lost 19 sen to RM2.09
Vitrox remained the highest-priced of these names at RM9.96. Inari Amertron, at RM2.09, was the lowest-priced.
What Happened to the Most Active Stocks?
Zetrix AI was the only one of the three most active names to rise, up one sen to seven sen. VS Industry shed two sen to 30 sen, while Nationgate lost 16 sen to RM1.71.
What Does This Mean for Inari Amertron and Vitrox Shareholders?
Semiconductor plays carried the heaviest losses, so holders of Inari Amertron, Vitrox and Pentamaster are worth monitoring against the Philadelphia Semiconductor Index. Readers tracking AI-linked counters can also compare these moves with our AI Stock Analysis for Malaysians guide.
Key Takeaways
- Malaysian tech stocks were down 5.78% at the time of writing, while the FBM KLCI fell 15.91 points to 1,619.95.
- The Nasdaq’s about US$2.5 trillion market-capitalisation loss was a record daily loss for the index.
- Vitrox (down 64 sen to RM9.96) and UWC (down 52 sen to RM6.07) posted the largest sen losses among the named tech stocks.
- Apex Securities flagged technology as the sector most at risk today.
This article is general information, not personal financial advice. Do your own research before making any decision on Bursa Malaysia shares.
Frequently Asked Questions
Why did Bursa Malaysia tech stocks fall?
Malaysian tech stocks fell after a global AI and chip-stock sell-off. The Nasdaq shed 5.5%, and Malaysian tech stocks were down 5.78% at the time of writing.
How much did the FBM KLCI drop?
The FBM KLCI was down about 1%, or 15.91 points, to 1,619.95 as at 9.10am. It had been jubilant a day earlier as the uncertainty of the US midterm election passed.
Which Bursa tech stock lost the most?
Vitrox lost the most sen among the named tech stocks, falling 64 sen to RM9.96. UWC slid 52 sen to RM6.07.
Should I buy Bursa tech stocks after the sell-off?
This article does not give buy or sell advice. Apex Securities said technology is the sector most at risk today, so readers may want to watch the semiconductor index before deciding.
Did Zetrix AI fall during the sell-off?
No. Among the most active stocks, Zetrix AI was up one sen to seven sen.
Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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