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Technology-related stocks skid in line with global rout

TheEdge Thu, Oct 25, 2018 11:55am - 1 year ago

KUALA LUMPUR (Oct 25): Technology-related stocks skidded at mid-morning on Bursa Malaysia in line with the rout at global markets.

At 11.07am, the Technology Index on Bursa Malaysia was the worst performer across the board and fell 6.64% or 2.38 points to 33.48. It had earlier dipped to a low of 33.36.

On the Main Market of Bursa Malaysia, it was a sea of red for technology-related stocks with only one stock, namely ECS ICT Bhd, in the positive zone.

ECS was up 1.06% or 1 sen to 95 sen with 13,100 shares traded.

Over at the ACE Market, again only one stock, AppAsia Bhd, was up 4.35% or 0.5 sen to 12 sen with 100 shares traded.

As for the remaining technology-related stocks, all were mired in the red.

Bloomberg this morning reported that the S&P extended its October rout to 8.8%, making it the worst month since February 2009.

"Disappointing earnings from AT&T and Texas Instruments drove declines in the communications and semiconductor groups, offsetting a promising outlook from Boeing.

"The Dow tumbled 600 points, and the Nasdaq Composite Index lapsed into a correction," it said.

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