KUALA LUMPUR: The benchmark index FTSE Bursa Malaysia KLCI barely managed to stay above the 1600 mark as profit-taking in heavyweights pushed it lower, while the broader market stayed positive at midday.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 4.28 points or 0.27 per cent to 1,600.47, compared to Wednesday's close at 1,604.75.
However, the broader market saw gainers led losers by 470 to 469 while 503 counters remained unchanged.
Malacca Securities Sdn Bhd said there is a possibility of a healthy downturn in the market following a substantial surge in the last two weeks.
"Nevertheless, there is still buying momentum surfacing within the Technology sector, which is riding on the artificial intelligence (AI) and data centre trends.
"As the profit-taking activities picked up, we believe traders may turn into more defensive sectors like Consumer and Utilities," it said.
The firm expressed a preference for smaller construction firms due to anticipated opportunities for subcontracting in future projects.
Additionally, they highlighted their positive outlook on sectors such as real estate, building materials, shipping, and solar energy.
On the commodity market, Brent crude oil remained within the US$81 to US$83 range, finding support after the US Energy Information Administration revealed a decrease in US oil inventories last week.
Crude palm oil (CPO) may have also stabilised around RM3,800.