The current trend, which saw the FBM KLCI trading above 1,600 points over the last two sessions, could be set to continue as investors reposition themselves into laggard counters.
"The shift in investors' interest in recovery play stocks, coupled with the selldown on Wall Street may continue to weigh on the technology sector," said Malacca Securities Research.
On Wall Street, the tech-heavy Nasdaq had slid another 2.4% overnight to place the index 10% off its Feb 12 peak and squarely in correction territory.
The Bursa Malaysia Technology Index followed suit at the day's open, looking set to continue the downward trajectory that had begun in the latter half of last week.
The index gapped down below the 50-day simple moving average in early trade before retracing higher to return above the moving average by midday, recording an intraday gain of 1%.
Meanwhile unencumbered by the decline of the tech sector, the FBM KLCI was up 9.79 points to 1,621.6 at noon.
Bank stocks remained firm with Hong Leong Bank advancing 12 sen to RM19.02 and Public Bank edging one sen higher to RM4.41. Maybank was unchanged at RM8.50.
Telcos added to the rally, with Axiata gaining 11 sen to RM3.68, Maxis jumping nine sen to RM4.56 and Digi climbing 14 sen to RM3.72.
Glove stocks were also seen rebounding with Top Glove rising 14 sen to RM5.18 and Hartalega gaining one sen to RM9.71.
Oil-and-gas counters took a breather after yesterday's rally on the back of surging crude oil prices. On the KLCI, Petronas Chemicals shed seven sen to RM8.28 after jumping 47 sen or 6% in the previous session.
The recent flurry of interest in energy stocks was owing to reports of disruption to Saudi Arabia's production amid the ongoing supply restrictions and recovering demand.
Brent crude prices broke past the US$70 a barrel mark in the previous session but has since come back down to US$68.77 a barrel.
Elsewhere, a rebound was taking place in Asian markets amid expectations that Congress will pass proposed US$1.9 trillion stimulus bill.
However, gains in equities were capped as investors remained at odds over whether the stimulus would aid in the recovery from the pandemic or lead to an overheating US economy.
Japan's Nikkei dipped in and out of the red to enter the final hour trading 0.6% higher.
South Korea's Kospi however dropped 1.15% while China's composite index slid 0.25%
Hong Kong's Hang Seng rebounded 1.6% following yesterday's sell-off while in Australia, the ASX200 was up 0.5%.