Lee Westwood, who is trying to overcome Robert Karlsson in the Order of Merit race, was part of the trio in second place, after making five birdies on the back nine for a 68 on a soggy Valderrama course. Play was halted midway through the second round Friday after heavy rain.
The 86th-ranked Kjeldsen has a 6-under 136 total to lead Westwood, Sergio Garcia (70) and Anthony Wall (69). Third round play was to start later Saturday.
Padraig Harrington had a 71 to sit at 5 over and Karlsson was 10 strokes off the lead after a second consecutive 73.