KUALA LUMPUR: Bursa Malaysia remained in negative territory at midday as investors exercised caution ahead of the announcement of the overnight policy rate (OPR) and the outcome of China's National People's Congress.
At 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 16.21 points to 1,523.06.
In the broader market, there were 678 decliners, 239 advancers, and 418 unchanged stocks.
Malacca Securities Sdn Bhd indicated that the broader market is likely to remain subdued in the short term due to a lack of new developments.
"Commodities sectors such as the oil and gas (O&G), gold, and plantation sectors may stay stronger in the near term as their underlying commodity prices are traded firmer.
"Meanwhile, we like stocks with high net cash and decent dividend yields within the furniture, metal, and technology sectors," it added.
In the commodity market, Brent crude oil traded relatively flat, just below the US$83 per barrel (bbl) mark, as OPEC and its allies decided to prolong voluntary production cuts until the end of June.
Additionally, Malacca Securities said the price of gold has risen above the US$2100 range, driven by expectations of interest rate reductions by the US Federal Reserve in the latter half of 2024 (2H2024).