KUALA LUMPUR: Bursa Malaysia continued its uptrend at midday led by selected telco, banking and healthcare heavyweights counters, despite the negative performance in the regional stock markets.
At lunch break, the FBM KLCI rose 1.30 points to 1,537.13 from Thursday's close of 1,535.83.
The benchmark index, which opened 0.69 points higher at 1,536.52, fluctuated between 1,535.32 and 1,540.50 throughout the day.
The broader market was negative, with losers outpacing gainers (415 to 405), while 425 counters were unchanged, 1,031 untraded, and 29 others suspended.
Turnover amounted to 1.68 billion units worth RM1.19 billion.
On a global front, Wall Street ended higher with the help of the semiconductor industry, and investors could be optimistic about the upcoming February's job data.
SPI Asset Management managing director Stephen Innes said expectations for the first interest rate reduction in June have intensified following Federal Reserve Chair Jerome Powell's remarks to lawmakers this week.
Both local and international investors have cautiously embraced the prospect of rate cuts; hence, they are tagging along with the stringent performance in the US market over time, said Innes.
"However, it is essential to note that the macroeconomic narrative typically centers around the non-farm payrolls report, especially as we transition from the first full week of the month to the second.
"Consequently, gains in the local market may be limited as attention remains focused on the upcoming US jobs report," he told Business Times.
Meanwhile, Malacca Securities Sdn Bhd expects buying support to be seen within the commodities sectors like the oil and gas, gold, and plantation sectors as the underlying commodity prices traded strongly, pricing in the potential interest rate cuts by the Fed this year.
"Besides, we believe the buying interest may spillover towards the technology sector on the local front, while we noticed some buying momentum picking up within the construction sector," the firm said.