Tech stocks still resilient during testing times

TheStar Thu, Apr 30, 2020 08:50am - 3 years View Original


Kenanga Research tech analyst Samuel Tan's top pick for the sector is Malaysian Pacific Industries Bhd for its balanced exposure of 30% in smartphones and 33% in automotive and the fact that the firm is the richest in the tech sector with RM800mil in net cash to weather through the turbulent period.

PETALING JAYA: Technology-related stocks have exerted their resilience during a time when stock markets continue to be highly volatile amidst the economic uncertainties due to the coronavirus (Covid-19).

Bursa Malaysia’s benchmark FBM KLCI was hammered to its 11-year low of 1,219.72 points on March 19, triggered by the oil price war between Saudia Arabia and Russia.

It remained in the doldrums as it struggled to hit the 1,400-point mark, having only achieved it twice since March 13 as the situation was exacerbated by the movement control order (MCO).

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