Malaysian tech stocks down after US blacklists Huawei
Taking a hit: A visitor sits in front of stock trading boards at a private stock market gallery in Kuala Lumpur. The Bursa Malaysia Technology Index took the heaviest beating among all other indices yesterday, falling 3.47% to 30.90. — AP
PETALING JAYA: Technology counters on Bursa Malaysia are feeling the heat following the escalation of trade tensions between the United States and China with restrictions imposed by the Trump-led administration against China’s telecommunication giant Huawei.
Experts on the industry say it is time for caution for such stocks, especially those related to semiconductors, due to the heightened uncertainties. They are even advising investors to close their positions and re-enter at another appropriate time.
An analyst report by Citigroup Inc said China purchased 51% of exports from Asian semiconductor companies in 2017. Malaysia, in particular, ships 39% of its chips to China and Hong Kong.
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