KUALA LUMPUR: Bursa Malaysia continued its downward trend during the mid-day session, impacted by the financial services sector.
At 12:30 PM, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.34 per cent, decreasing by 5.51 points to 1,635.43, compared to Thursday's closing value of 1,640.94.
The overall market was negative, with 512 stocks declining against 331 gainers.
Malacca Securities Sdn Bhd said investor attention will likely be on the Public Bank Bhd and LPI Capital Bhd, following the bank's proposal to buy a stake in LPI.
"We also expect traders to position themselves ahead of Budget 2025, particularly in the e-invoicing, construction, property, building materials, utilities, and consumer sectors, as speculation grows around potential mega projects and realignment of subsidies.
"We anticipate a decent rebound from plantations and oil and gas (O&G) stocks due to the spike in crude oil and crude palm oil (CPO) prices," it said.
Meanwhile in the commodities market, Malacca Securities noted that Brent crude oil surged over 3 per cent, driven by ongoing concerns in the Middle East and expectations of rising energy demand in the US and China following the release of stimulus packages.
"Gold also rebounded, moving slightly above US$2,630, while crude palm oil rose to close near RM4,300," it added.
Public Bank continued to be the most actively traded stock, dropping 4.38 percent, down 20 sen to RM4.37, compared to its previous price of RM4.57.