Tech stocks in vogue following Apple’s profits

TheEdge Wed, Jan 29, 2020 10:30am - 4 years View Original


KUALA LUMPUR (Jan 29): Technology stocks on Bursa Malaysia were in focus and posted gains this morning, following Apple Inc’s rise in earnings.

Hong Leong IB Research in a note to clients this morning said technology stocks would remain in focus after strong Intel results last week and Apple results overnight.

As of 10:03 am, shares in Iris Corp Bhd were trading 7.69% or a sen higher at 14 sen per share, with some 12.02 million shares traded – making it the eighth-most actively traded counter on Bursa Malaysia. Also bossting Iris was the RM3.94 million contract from the Ministry of International Trade and Industry (MITI) for the provision of control card access meeting rooms for the upcoming Asia-Pacific Economic Cooperation (APEC) summit this year.

UWC Bhd was  11th on the local stock exchange’s list of top gainers, rising 2.47% or 10 sen higher at RM4.15.

Meanwhile, KESM Industries Bhd also posted gains, rising 0.71% or eight sen at RM11.28.

The local bourse’s technology index rose by 0.49% or 0.20 points higher at 40.96 points.

Other technology counters that saw gains today were DGB Asia Bhd, which rose half a sen or 4% at 13 sen, while Kronologi Asia Bhd posted a rise of 1.5 sen or 1.79% at 85.5 sen.

In addition, Visdynamics Holdings Bhd posted a gain of 2.8% or two sen at 73.5 sen, while Inari Amerton Bhd rose by 1.66% or three sen at RM1.84.

According to a statement on its website, US-listed Apple posted a 9% year-on-year (y-o-y) increase in its revenue for the quarter ended December 28, 2019 (1QFY20) at US$91.8 billion – with international sales accounting for 61% of its revenue.

The group saw its net income at US$22.2 billion while its operating cash flow was US$30.5 billion. 

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BURSA 7.460
DGB 0.105
INARI 3.160
IRIS 0.310
KESM 6.220
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UWC 2.910
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