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Tech stocks may take a beating today, says brokerage

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Investors may shift focus towards defensive sectors such as telecommunications, utilities, and REITs.

KUALA LUMPUR: Bursa Malaysia opened lower today, tracking Wall Street’s downtrend overnight, while the US Treasury yield hit a fresh 16-year high amidst ongoing tension in the Middle East, dealers said.

“We believe that stocks on the local front may track the negative trading environment on Wall Street overnight, and profit-taking may persist,” it said in a note. “Given the weaker market conditions from Wall Street coupled with the softer result from Tesla, the technology sector may take a beating today.

Of the actives, newly-listed Parlo warrant gained 3 sen to 4.5 sen, Tanco warrant and Mestron warrant edged up 0.5 sen to 26 sen and 20.5 sen, respectively, Sealink rose 1.5 sen to 24.5 sen, while Tanco eased 0.5 sen to 57 sen.

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