KUALA LUMPUR: Bursa Malaysia closed lower during the midday session as investors stayed on the sidelines amid mixed performance in regional indices.
At 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.17 per cent or 2.80 points to reach 1,607.37, down from Thursday's closing of 1,610.17.
The overall market sentiment was bearish, with more stocks declining than advancing, with losers outnumbering gainers by 608 to 475, while 461 stocks remained unchanged.
Malacca Securities Sdn Bhd expressed optimism for traders to maintain positions in the Technology sector, foreseeing potential growth in hard drive disk (HDD), cloud computing, and cybersecurity segments.
The firm believes that earnings within the Technology sector have already reached their lowest point.
"Other related sectors that could be benefiting under this theme include the Construction, Building Material, Property, Utilities, and renewable energy (RE) sectors," it said.
In the commodity market, Brent crude oil is trading between the US$81 to US$84 range, while the price of gold is forming a bear flag pattern in response to the recent US inflation consumer price index (CPI) and producer price index (PPI) data.
Malacca Securities noted that crude palm oil (CPO) prices remain confined within a narrow band of RM3,900 to RM4,000.