TechStore jumps 16pct on US-Vietnam trade boost
The information technology solutions provider, which debuted on the ACE Market in February, opened 7.69 per cent or 1.5 sen higher at 19.5 sen, before rallying to 21 sen, its morning high so far.
As at 10.13am, the stock was trading at 20 sen, up two sen or 11 per cent, with more than nine million shares changing hands, its busiest day in over two months. At that price, the company's market capitalisation stood at RM90 million.
Since making its debut in February, the counter has touched a high of 23 sen, a 4.55 per cent gain from its listing day close of 22 sen. Its lowest point so far is 16.5 sen.
Malacca Securities said Wall Street's positive overnight performance is expected to spur buying interest in local tech counters, following the new trade pact between the US and Vietnam.
"With the resumption of optimism surrounding data centre developments, traders may want to monitor technology and telecommunication stocks," the firm said.
At 10.23am, the Bursa Malaysia Technology Index rose 0.45 points or 0.9 per cent to 52.48, led by NexG Bhd and Zetrix AI Bhd, which topped the most active list across the broader market.
According to Reuters, US President Donald Trump said the Washington would impose a lower-than-promised 20 per cent tariff on many Vietnamese exports.
He also stated that trans-shipments from third countries routed through Vietnam would face a 40 per cent levy, while Vietnam could import US products at a zero per cent tariff.
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