Technology and semiconductor stocks on Bursa Malaysia, the country’s stock exchange, surged on Wednesday in anticipation of Republican candidate Donald Trump’s victory in the United States presidential election.

The FBM Technology Index, comprising 48 stocks, increased by 6.18%, reaching 66.67 points.

Meanwhile, the FBM KLCI gained 0.83%, reaching 1,634.17 points.

Malaysian Pacific Industries Bhd led the gains, closing up 3.13% at 26.36 ringgit (around US$5.98), with a market value of RM5.53 billion (around US$1.2 billion). This is despite being down 5.92% year-to-date.

Frontken Corp Bhd increased by 11.76% to a three-month high of 4.18 ringgit (around US$0.94), with a market capitalization of RM6.64 billion (around US$1.5 billion).

Malacca Securities’ researcher Loui Low Ley Yee said a strong US dollar could heighten interest in Malaysian tech stocks amid US-China tech tensions.

Recent semiconductor developments