Rebound picks up speed in tech sector

TheStar Fri, Feb 03, 2023 09:48am - 4 months View Original

KUALA LUMPUR: A rebound in the fortunes of global technology stocks is creating a stir on the domestic market as investors pick up the shares of battered-down chipmakers and other tech-related players.

At the start of trading, the Bursa Malaysia Technology Index was up 0.3% to 69.65, extending a rally following a 3.3% jump in the Nasdaq Index overnight.

The global technology sector is continuing a rally that began in January as investors pin their hopes on peaking inflation rates and a soft landing for the economy.

On Wednesday, there was a shot in the arm for the bulls as the Federal Reserve struck a more dovish tone at the conclusion of its recent open market committee meeting, suggesting just a "couple" more rate hikes to go before its rate hike cycle was concluded.


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