KUALA LUMPUR (May 26): Malaysian technology stocks, which have been on a notable upward trend since April, continued to rally on Tuesday, pushing Bursa Malaysia’s Technology Index to emerge as the top-performing sectoral gauge in the local bourse in percentage terms.

The 52-stock technology index rose as much as 2% or 1.44 points to 73.44, before paring gains to close the session at 72.69 — its highest closing level since August 2024.

Malacca Securities head of research Loui Low Ley Yee said buying interest was heavily driven by anticipation of a global semiconductor sector upcycle. There are also expectations that a relatively stronger US dollar against the ringgit could provide additional tailwinds for Malaysian tech exporters, who derive the bulk of their revenue in greenbacks, he said.

Notable gainers included Malaysian Pacific Industries Bhd (KL:MPI), Unisem (M) Bhd (KL:UNISEM) and THMY Holdings Bhd (KL:THMY), which hit all-time highs during the session, as investors piled into semiconductor- and technology-linked counters.

MPI topped the gainers' list (by value) after its shares surged as much as RM2 or 4.16% to RM50 in the morning trade, before paring gains to close at RM49.14 — still up RM1.14 or 2.38% — with a market capitalisation of RM10.31 billion. The stock has rallied 53% year to date (YTD).

Unisem, which finished as the local bourse's fourth-highest gainer, closed 25 sen or 5.15% higher at a record high of RM5.10, valuing the company at RM8.23 billion. Earlier, the stock hit an intraday high of RM5.12. YTD, the stock has gained 66%.

THMY, a provider of automated test solutions for electrical and electronics products, climbed to an intraday high of RM1.62, before paring gains to close at RM1.57 — still up 12 sen or 8.28% — giving it a market valuation of RM1.39 billion. The stock has surged over fivefold from October 2025, when it was listed on the ACE Market at an initial public offering price of 31 sen.

Meanwhile, outsourced semiconductor assembly and test provider Inari Amertron Bhd (KL:INARI) was the fifth-highest value gainer and the most actively traded counter on Bursa. It saw 123.42 million shares change hands — a stark contrast to the 10.43 million shares traded in the previous session.

Inari spiked 12.63% or 25 sen to RM2.23 in the afternoon, before easing a little to close at RM2.22 — its highest since November last year. The closing price gave Inari a market valuation of RM8.45 billion. The stock is up 32% YTD.

The surge came despite Inari releasing weaker third-quarter earnings just a day before. Net profit for the third quarter ended March 31, 2026 (3QFY2026) nearly halved to RM27.98 million from RM55.48 million a year earlier as revenue fell 13.8% to RM265.73 million from RM308.25 million.

Meanwhile, semiconductor equipment and materials manufacturer Mi Technovation Bhd (KL:MI) saw its share price climb 6.18% or 28 sen to an intraday high of RM4.81, before easing to a close at RM4.65 — up 12 sen or 2.65% from its previous close. This is the highest closing level for the stock since February 2021, giving the company a market capitalisation of RM4.19 billion. YTD, the stock is up by 61%.

Out of the 52 technology stocks that make up the technology index, there were 18 gainers, 18 decliners and 16 unchanged counters on Tuesday, according to Bloomberg data.

Inari was the largest index mover in percentage terms, followed by Unisem and MPI. Conversely, profit-taking among some counters, especially ViTrox Corp Bhd (KL:VITROX), Greatech Technology Bhd (KL:GREATEC) and Frontken Corp Bhd (KL:FRONTKN), weighed on the index.

ViTrox fell 15 sen or 2.17% to RM6.76, valuing the stock at RM12.81 billion. Nevertheless, the stock has more than doubled from RM3.17 a year ago.

Greatech fell nine sen or 3.28% to close at RM2.65, valuing the stock at RM6.66 billion, while Frontken slid 2.02% or 10 sen to RM4.85, with a market capitalisation of RM8.84 billion.

Both stocks have seen significant gains over the last year, with Greatech jumping 70% and Frontken gaining 34%.