Bursa tech heavyweights lose over RM4.46 billion in AI-led sell-off
The technology index dropped 4.58%, the largest sector decline, while 18 of the 20 biggest technology counters closed lower.
A global retreat from artificial intelligence (AI)-related shares spread to Malaysian chipmakers and equipment suppliers on Nov 6, with combined market value declining by over RM4.46 billion across Bursa Malaysia’s 20 biggest technology stocks.
The Bursa Malaysia Technology Index closed at 67.88, down 3.26 points or 4.58%, making it the worst-performing sector index. The FBM KLCI finished at 1,616.58 after losing 19.28 points, having earlier reached 1,610.8.
ViTrox Corp Bhd contributed RM909.55 million to the market-value decline. Its shares closed at RM10.12, down 4.53%, despite the company having reported its best quarterly earnings since its 2005 listing a day earlier. Inari Amertron Bhd dropped 7.02% to RM2.12, while Malaysian Pacific Industries Bhd declined 6.89% to RM36.20. Together, the latter two lost RM1.15 billion in market value.
Greatech Technology Bhd suffered the largest percentage fall among the 20 counters, dropping 7.69% to RM2.40. Losses across these four companies totalled RM2.57 billion, representing nearly 58% of the overall decline.
The selling continued for a second session as investors questioned whether major technology companies’ earnings could support their AI infrastructure spending. Berjaya Research Sdn Bhd head of research Kenneth Leong said the weakness potentially represented a valuation adjustment rather than widespread deterioration in industry fundamentals.
Two of the 20 counters finished unchanged. Among the 18 that fell, 14 retained year-to-date gains, including ViTrox, which remained up 154%.
