Brad Kennedy and Rolf Muntz finished two shots off the pace at 2-under-par 142.
Kjeldsen started on the back nine of the PGA Centenary Course under difficult conditions and tallied four birdies over his first six holes to climb to the top of the leaderboard.
The Dane missed the green at the par-5 second but chipped his third within two feet of the cup. Kjeldsen then tapped in for birdie to reach 5-under.
Kjeldsen faltered with a bogey at the par-4 third and parred out to secure the 36-hole lead of a European Tour event for the first time in his career.
'I've felt pretty good about things this year and I have been swinging the club well all year,' said Kjeldsen. 'Generally everything has been good with my game and the more good tournaments you play, the more confident you get.'
Broadhurst put together a solid round of 68 with five birdies and one bogey.
'I've had one or two good rounds recently, it is now just a case of trying to string four together,' said Broadhurst, a former Ryder Cup member England. 'I played nicely last week in France, but putted terribly. I finished 20th and that is really as bad as it could have been.'
Gary Orr also carded a 68 on Friday. The Scot was joined by fellow countryman Alastair Forsyth, Spain's Ivo Giner and Stephen Dodd of Wales at 1-under-par 143.
Legendary Scottish golfer Sandy Lyle had a great round going until a double- bogey at the 18th. Lyle finished with a 71 to join Miguel Angel Martin and Neil Cheetham at even-par 144.
Colin Montgomerie, who is making his first appearance at this event, was one shot further back in a group at 1-over-par 145.
Defending champion Adam Scott picked up an early birdie at the par-5 second to reach 1-under but that proved to be the only bright point in the Australian's round.
Scott bogeyed the seventh and dropped another shot with a bogey at the 14th. He closed his round with a double-bogey at the par-5 18th for a round of 75 to finish in a group at 3-over-par 147 in a group that includes 2001 champion Paul Casey.
The 36-hole cut fell at 8-over-par 152 with 81 players qualifying for the weekend. Among those who didn't make the grade was last year's runner-up Raymond Russell and fellow Scot Andrew Oldcorn.