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Market Daily Report: Bursa Malaysia Erases Early Gains To End Lower On Profit-Taking

KUALA LUMPUR, Feb 4 (Bernama) -- Bursa Malaysia erased early gains to end lower today as profit-taking emerged following recent gains.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.44 points, or 0.31 per cent, to 1,742.82 from yesterday’s close of 1,748.26.  The market bellwether opened 1.84 points lower at 1,746.42, and subsequently hit an intraday high of 1,751.22 in early trade before slipping to its day’s low of 1,740.49 during the mid-afternoon session. In the broader market, losers outpaced gainers 602 to 462, with 558 counters unchanged, 1,013 counters untraded and six suspended. Turnover declined to 2.59 billion shares valued at RM2.86 billion from yesterday's 3.25 billion shares valued at RM3.34 billion.
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Chinese Tech Stocks Slide 20% From October Peak as Policy Fears Return

Simple Summary

  • Chinese tech stocks have fallen 20% from their October high

  • Hang Seng Tech Index dropped as much as 3.4% in the latest session

  • Tax hike fears and weak sentiment are weighing on the sector

  • Global AI valuation concerns added to the selloff

What’s Happening

A key gauge of Chinese technology shares extended its decline on Tuesday, with the Hang Seng Tech Index slipping into bear-market territory, down about 20% from its October peak.

Losses were led by heavyweight names:

  • Kuaishou Technology

  • Tencent Holdings

  • Alibaba Group Holding

The index reversed earlier gains as selling accelerated through the session.

Why Investors Are Selling

Several factors are pressuring sentiment:

  • Policy worries: Investors fear Beijing may raise value-added tax (VAT) on internet services firms, after recently targeting telecom companies.

  • Global tech jitters: Renewed doubts over whether AI giants can justify heavy spending and high valuationshave rattled global tech stocks.

  • China macro concerns: Fresh signs of economic weakness and the absence of stronger stimulus measures have dampened appetite for Chinese equities.

Key pressure point: Regulatory and tax uncertainty is resurfacing just as confidence was starting to recover.

Market Takeaway

Chinese tech stocks are once again under pressure, caught between policy uncertainty at home and valuation concerns abroad. Until clarity emerges on taxation and growth support, rallies may continue to face selling pressure.

Bottom Line

The 20% pullback from October highs signals that investor confidence in Chinese tech remains fragile. Without clearer policy support or improved growth momentum, the sector may struggle to regain its footing in the near term.

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