Cue consolidation after strong rally, says Apex Securities

KUALA LUMPUR: A consolidation is expected to take place on the domestic market following its recent strong run, said Apex Securities Research.

While the research firm is anticipating a cooling-off period for the rally, it said any potential pullback will be cushioned by the positive developments of late alongside signs of returning foreign funds.

It noted also that the solid US jobs data released over the weekend highlights the world's largest economy is on track for expansion, which is negative for the prospects of a rate cut.

"For today, investors will be monitoring over the Malaysia industrial production data which has been cooling off over the past two consecutive months as well as Japan’s 1Q24 GDP growth rate.

"We expect the property sector to march higher amid the improving prospects with increasing number of transactions in 1Q24. Meanwhile, the healthcare sector may experience a pullback as profit taking sets in from last Friday’s surge," it said in a note.

Shrugging off Wall Street's negative performance last Friday, Malaysia's benchmark FBM KLCI opened 1.38 points higher on Monday to 1,619.24.

PETRONAS Gas was an early riser, gaining 22 sen to RM18.50.

Meanwhile, Press Metal dropped six sen to RM5.83 and YTL Corp fell three sen to RM3.62.

Leading gainers on the markets included Vstecs climbing 12 sen sen to RM3.95, Engtex jumping five sen to RM1.19 and Toyo Ventures rising nine sen to RM1.62.

Of actives, Alam Maritim was up one sen to 3.5 sne, Widad gained 0.5 sen to 8.5 sen and YNH Property added five sen to RM69 sen.