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Malaysia's benchmark FBM KLCI index remained virtually unchanged at midday trading, with cautious sentiment dominating as market participants await Middle East developments and fresh earnings reports.
Bursa Malaysia's benchmark index gained 16.18 points to 1,748.84 in midday trading, led by technology stocks rallying 2.91% following overnight Big Tech earnings surprises and Nasdaq strength.
Malaysia's stock market retreated to a 10-day low as crude oil prices surged beyond US$100 a barrel amid Middle East conflict fears, offsetting gains in energy stocks and weighing on tech and property sectors.
The FBM KLCI edged up just 3.01 points to 1,714.38 as traders remained cautious despite overnight oil price gains, with Middle East tensions and US tech spending worries dampening investor appetite.
The FBM KLCI declined on Wednesday as Malaysian banks and plantation stocks came under selling pressure, with investors rotating away from financial shares amid geopolitical tensions and rising oil prices.
Malaysia's FBM KLCI index surged past the 1,700 psychological barrier, driven by strength in banking and energy stocks including PETRONAS subsidiaries and major lenders. The rally bucked regional weakness.