KUALA LUMPUR: Bursa Malaysia kept to a sideways trading action on Thursday as a cautious mood prevailed in global markets overnight.
The FBM KLCI started 1.39 points higher at 1,640.7, after the sharp loss in the previous session.
The index is hovering above the 50-day simple moving average although it remains to be seen if the support will hold over the remainder of the day as investors remain skittish over growing tensions in the Middle East.
Malacca Securities Research said it expects the negative sentiment to persist on the local front despite the slight gains recorded on Wall Street overnight as the US non-farm payroll data is next on the release calendar.
However, it added that the current ringgit strength is likely to benefit domestic-driven sectors such as consumer.
"As we approach Budget 2025, we suggest investors position themselves in the construction, property and utilities sectors.
"Also, Oracle's plan to establish a cloud region in Malaysia, with an investment exceeding US$6.5bil, should provide a boost to the technology sector," said the research firm.
On the blue-chip index, Maybank was seen rebounding four sen to RM10.50 while PETRONAS Chemicals rose four sen to RM5.74.
Tenaga Nasional added eight sen to RM14.38 and YTL Power climbed four sen to RM3.67.
Of actives, OCR dropped 1.5 sen to four sen, Lay Hong shed 0.5 sen to 39.5 sen and Parkson gained 0.5 sen to 20.5 sen.
