have seen steep declines of around 30% to 70%, while the Technology Index has dropped close to 40%.
Wong also noted that the ringgit had weakened significantly against the greenback, which provides some buffer or downside support to tech companies’ earnings . Meanwhile, Rakuten Trade head of equity sales Vincent Lau thinks that the sell-off in tech-related stocks on Bursa Malaysia has been overdone and it is a matter of time before sentiment turns positive.
He noted that the general market view is that in the second half of 2023, the chip sector may see a recovery when inventories have been run down.