Profit-taking may linger on market ahead of OPR, US GDP

KUALA LUMPUR: The positive performance on Wall Street last Friday might offer some positive support to Bursa Malaysia, although the profit-taking sentiment may still linger, says Apex Securities Research.

While the domestic market rebounded at the close of last week's trading, the research firm expects investors to be focused on Bank Negara's overnight policy rate decision due this Wednesday, as well as US gross domestic product data on Thursday.

"Meanwhile, we advocate investors to trade cautiously to monitor the sentiment on the massive sell off/negative sentiments on lower liners," it said in a note.

Malacca Securities Research, meanwhile, said it expects buying interest to build up in the technology sector.

It also predicts bargain-hunting activities the small caps and lower liners in the near term following several limit-down situations last week.

"The focus will be on investment catalysts such as the revival of KL-SG HSR mega projects, rising focus on the Johor region theme as well as easing requirements of MM2H going forward.

"Thus, traders should focus on the Construction, Property and Building Material segments," it added in its review.

At the open the benchmark FBM KLCI was up 0.98 points to 1,487.35.

Leading gainers included Genting up five sen to RM4.69, Genting Malaysia rising three sen to RM2.68, YTL Power climbing six sen to RM3.67, YTL Corp adding four sen to RM2.22 and Press Metal gaining three sen to RM4.81.

Meanwhile, some of the counters that have been the subject of intense selling by investors remains under pressure. These include Rapid Synergy down 83 sen to RM1.95 (limit down), Silver Ridge shaving 21 sen to 33.5 sen, and the top traded stock, YNH Properties, falling 25 sen to 60.5 sen

Sarawak Consolidated Industries managed to find its footing, rebounding 1.5 sen to 30 sen, while Artroniq similarly rose off last week's lows to gain 1.5 sen to 30 sen.