KUALA LUMPUR: Bursa Malaysia closed lower at midday with continued profit-taking affecting the broader market.
At 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was almost flat, down 0.04 points to reach 1,553.20, compared to Thursday's closing figure of 1,553.24.
Overall market sentiment was negative, with losers outnumbering gainers at 552 to 380, while 448 counters maintained their position unchanged.
Malacca Securities Sdn Bhd suggested that with substantial profit-taking observed on Wall Street, sentiment could potentially weaken locally, particularly affecting technology stocks.
"However, we believe the focus will gain within the commodity-related sectors such as oil and gas (O&G), Plantation and gold-related sectors supported by their respective firm underlying commodity prices," it added.
Malacca Securities noted that Aluminium and Steel stocks are gaining momentum in line with the recent positive sentiment seen in the Construction and Property sectors.
In terms of commodities, Brent oil surged above the $91 mark, driven by increased geopolitical tensions in the Middle East region.
"Besides, the crude palm oil (CPO) price is hovering above RM4,300, while the gold price is hovering along the 52-week high," it noted.
