KUALA LUMPUR: Bursa Malaysia closed mixed at midday, with the benchmark index continuing its uptrend by the rise in oil prices, which reached a three-week high.
As of 12:30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 8.04 points to 1,546.65 from Monday's closing figure of 1,538.61.
The index opened slightly higher at 1,538.72.
Decliners outnumbered gainers, with 467 stocks losing ground compared to 406 stocks in the green, while 449 stocks remained unchanged.
Malacca Securities Sdn Bhd commented that Brent oil prices remained strong above the US$83 per barrel (/bbl) mark due to ongoing tensions in the Middle East, while crude palm oil futures (FCPO) prices continued to stay above RM3,800 for the third consecutive session.
Malacca Securities expects consumer stocks to perform well, with costs normalising last year and increased demand seen in the final quarter of 2023.
"Meanwhile, we believe the Plantation sector could trend firmly higher with the momentum building up recently, in tandem with the FCPO prices," it said.
Additionally, Malacca Securities sees interest in the technology sector due to ongoing bidding for the National Integrated Immigration System (NIISe) 2.0 project.