Bursa's technology index driven by renewed buying interest
Driven by renewed buying interest following the United States-Vietnam trade agreement, the index rose 2.1 points or 4.04 per cent to close at 54.13 from Wednesday's close of 52.03.
Trading volume soared over 333 million units, reaching its highest level in seven weeks.
The index, comprising 49 component stocks, has climbed 11 per cent since June 23, although it remains down 16.9 per cent year-to-date.
Zetrix AI Bhd, formerly known as MyEG Services Bhd, led the most active board with more than 68 million shares traded.
The stock gained one sen or one per cent to 97.5 sen from the previous close of 96.5 sen, lifting its market capitalisation to RM7.43 billion.
The other three high-volume tech stocks were NexG Bhd, Dagang Nexchange Bhd (DNeX) and Inari Amertron Bhd, which saw trading volumes ranging from 28.5 million to 56 million units.
NexG rose one sen or 2.6 per cent to 39 sen, DNeX climbed one sen or 3.4 per cent to 30 sen and Inari edged up 15 sen or 7.5 per cent to RM2.15.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the index was driven by robust buying interest in semiconductor and electronics-related counters, in line with the tech-led gains on Wall Street.
"While the deal spares Vietnam from the most severe trade penalties, it reflects a more fragmented and protectionist global trade landscape.
"While domestic market breadth remains constructive and foreign participation encouraging, the external environment continues to evolve.
"Investors are advised to remain vigilant as global trade dynamics, monetary policy signals and geopolitical tensions continue to shape the near-term outlook," he added.
According to Reuters, US President Donald Trump announced that Washington would impose a lower-than-expected 20 per cent tariff on a range of Vietnamese exports.
He also revealed that trans-shipments from third countries routed through Vietnam would be subject to a higher 40 per cent tariff, while Vietnamese imports of US goods would enjoy a zero per cent tariff.
The announcement lifted sentiment across regional markets.
Vietnam's benchmark index climbed 0.6 per cent to its highest level since April 2022, while Singapore's market edged up 0.2 per cent and Thailand's stocks gained 0.9 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
18 minutes ago
- Malay Mail
Brics leaders target ‘indiscriminate' US tariffs as China's Xi skips Brazil summit
RIO DE JANEIRO, July 6 — Brics leaders meeting in Rio de Janeiro today are expected to decry US President Donald Trump's 'indiscriminate' trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40 per cent of global economic output, have united over 'serious concerns' about US import tariffs, according to a draft summit statement obtained by AFP yesterday. Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties. His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force. The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks today and tomorrow. But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. 'We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organisation) rules,' the draft text says. It warns that such measures 'threaten to further reduce global trade' and are 'affecting the prospects for global economic development.' Xi no show Conceived two decades ago as a forum for fast-growing economies, the Brics have come to be seen as a Chinese-driven counterbalance to Western power. But the summit's political punch will be depleted by the absence of China's Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president. That absence has prompted fevered speculation in some quarters. 'The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing,' said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. Hass said Putin's non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi's absence. 'Xi does not want to appear upstaged by Modi,' who will receive a state lunch, he said. 'I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors.' Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. In the year to November 2025, Brazil will have hosted a G20 summit, a Brics summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run. Lula warmly welcomed leaders and dignitaries yesterday, including China's Premier Li Qiang, as the leftist president hosted a pre-summit business forum in Rio. 'Faced with the resurgence of protectionism, it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture,' Lula told the event. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting and will be represented by Foreign Minister Abbas Araghchi. A source familiar with the negotiations said Iran had sought a tougher condemnation of Israel and the United States over their recent bombing of Iranian military, nuclear and other sites. But one diplomatic source said the text would give the 'same message' that Brics delivered last month. Then Iran's allies expressed 'grave concern' about strikes against Iran, but did not explicitly mention Israel or the United States. Artificial intelligence and health will also be on the agenda at the summit. Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia. — AFP
The Star
20 minutes ago
- The Star
Wall St Week Ahead: Investors eye tariff deadline
Investors have shifted from panicking about tariffs to relief buying. — Reuters NEW YORK: Investors will be keeping a close eye on tariff headlines out of Washington next week, as a temporary suspension of punitive import levies is set to expire. If that Wednesday deadline passes without an increase in trade tensions, it could prove positive for the markets. Negotiators from more than a dozen major US trading partners are rushing to reach agreements with US President Donald Trump's administration by July 9 to avoid even higher tariffs, and Trump and his team have kept up the pressure in recent days. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
New Straits Times
31 minutes ago
- New Straits Times
Canada could financially back aluminum producers if 50 pct US tariffs persist, trade group says
MONTREAL: Canada has discussed offering financial support to large aluminum producers like Rio Tinto impacted by a US-led trade war, in the event that Washington's 50 per cent tariff on imports of the metal persist in the medium term, the CEO of a key industry trade group said on Saturday. Aluminium Association of Canada CEO Jean Simard told Reuters in an interview that the early talks could help the sector in the event that Ottawa is unable to reach a planned deal with its key trading partner by July 21. "It's part of a larger discussion where everything is on the table," Simard said, adding that no decision has been reached. Canada recently canceled a digital service tax on US technology companies in order to preserve trade talks with US President Donald Trump, but another irritant remains in the ongoing negotiations. While the major aluminum producers operating in Canada do not have liquidity problems, Simard said, a 50 per cent US tariff on aluminum imports would inevitably have an impact on finances if it continues longer term. He added that with the 50 per cent tariff in effect since June 4, it's normal that there are discussions about the impact on businesses' cash flow if the situation continues. Around half of all aluminum used in the US is imported, with the vast majority coming from Canada. Simard's comments follow media reports late Friday in which federal industry minister Mélanie Joly said the government is having conversations with Rio Tinto about providing financial assistance due to the crushing US tariffs. Rio Tinto declined comment on Saturday. A spokesperson for Joly's office said in a statement that Ottawa is in "active conversations" on how it can best support Canada's aluminum industry in the context of unjustified American tariffs, with the goal to support increased investment in the sector. US President Donald Trump doubled tariffs on steel and aluminum imports to 50 per cent last month, stepping up pressure on global steel producers and deepening his trade war, to support domestic production of the vital materials for construction.
