KUALA LUMPUR: Technology stocks posted gains on Bursa Malaysia yesterday after Apple Inc reported better-than-expected quarterly earnings.

Elsewhere in Asia too, the higher earnings by the US tech giant drove some regional tech gains, reported Reuters, noting however that the broader confidence was capped by worries about the economic impact of the Wuhan virus outbreak.

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

Shares in Apple supplier Inari Amertron Bhd closed eight sen or 4.42% higher at RM1.89, giving the group a market capitalisation of RM6.10 billion. The counter saw 24.09 million shares traded.

Another supplier to Apple, Globetronics Technology Bhd, gained 16 sen or 6.90% to RM2.48, valuing the group at RM1.66 billion. A total of 2.78 million of its shares were transacted yesterday.

Other technology stocks that advanced included UWC Bhd, which was one of the top gainers on the local stock exchange yesterday, rising 13 sen or 3.21% to RM4.18.

KESM Industries Bhd increased 10 sen or 0.89% to RM11.38, Kronologi Asia Bhd rose 5.5 sen or 6.55% to 89.5 sen, and Visdynamics Holdings Bhd gained 3.5 sen or 4.9% to 75 sen.

However, DGB Asia Bhd fell 1.5 sen or 12% at 11 sen.

Bursa Malaysia’s technology index rose one point or 2.45% to 41.76, close to its five-year high of 43.95 reached on Jan 5, 2018.

Apple said its revenue for the first quarter ended Dec 28, 2019 rose 9% year-on-year to US$91.8 billion (RM374.54 billion), with international sales accounting for 61% of its revenue.

Chief executive officer Tim Cook noted in a statement posted on the group’s website that it was Apple’s highest quarterly revenue.

“We are thrilled to report Apple’s highest quarterly revenue ever, fuelled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Cook.

The group saw an all-time high net income of US$22.2 billion, generating operating cash flow of US$30.5 billion during the quarter.