KUALA LUMPUR (Aug 29): Technology-related stocks kicked off the week on weaker footing on Monday (Aug 29), as investors appeared spooked by the volatile outlook for the sector.

At 9.45am, a majority of tech-related stocks on Bursa Malaysia were in the red, led by Dagang NeXchange Bhd (DNeX) which fell 2.86% or 2.5 sen to 85 sen, MyEG Services Bhd, which was down 2.65% or two sen to 73.5 sen, JHM Consolidation Bhd which dropped 6.35% or eight sen to RM1.18, Inari Amertron Bhd, which was 2.88% or eight sen lower at RM2.70, and Greatech Technology Bhd which lost 3.73% or 14 sen to RM3.61.

Bloomberg reported that the Nasdaq 100 Index posted its biggest decline last Friday since the week ending June 10, after US Federal Reserve chair Jerome Powell touted his iron-clad resolve to hike interest rates into restrictive economic territory to cool inflation at four-decade highs.

Meanwhile, Nomura Research cut its global chip growth projection to 8.3% for this year.

In a note on Monday, the research house said that in recent weeks, clear signs of an inventory correction in semiconductors have emerged.

“For semiconductors, we now expect a growth of 8.3% in 2022 (previously a 9.9% growth) and a decline of 6% in 2023 (previously a 0.5% decline)."