KUALA LUMPUR: Bursa Malaysia closed higher at midday, lifted by persistent buying in technology, consumer and utility counters.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 5.06 points or 0.31 per cent to 1,658.61 from Thursday's close of 1,653.55.

The index opened 4.93 points higher at 1,658.48 and fluctuated between the 1,651.10 and 1,664.80 levels throughout the morning session.

On the broader market, gainers led losers 592 to 436, with 401 counters unchanged, 1,061 untraded and 80 others suspended.

Turnover stood at 2 billion units valued at RM1.7 billion.

Malacca Securities anticipates further selling pressure on local technology stocks with Nvidia's decline impacting the overall technology sector, especially given the stronger ringgit environment. "However, the stronger ringgit could benefit the consumer sector, as evidenced by FFB and Spritzer's improved performance this quarter."

"Additionally, during the corporate earnings season, several property, construction, and selected oil and gas stocks showed growth in their results," the research firm said.

https://www.nst.com.my/business/corporate/2024/08/1098760/bursa-malaysia-higher-midday-buying-interest-stocks