KUALA LUMPUR: The domestic market opened with a view to end the year on a winning streak despite Wall Street succumbing to profit-taking pressures overnight.
The benchmark FBM KLCI, which has been on the rise for five consecutive sessions, opened on Tuesday 0.75 points higher at 1,638.43.
According to Rakuten Trade, the bargain-hunting activity on the FBM KLCI has been apparent despite the foreign outflows.
"As mentioned, with the 1,630 level broken, we expect the index to possibly target 1,650 thus anticipate it to hover within the 1,635-1,650
range today, hopefully to end 2024 on a more positive note," it said in in its outlook.
Meanwhile, Malacca Securities Research said in a note the land deal between Gamuda and MUI Properties will spur buying interest in the property and construction sectors.
"Despite the negative sentiment in the US, window-dressing activities
are expected to lift KLCI on the year’s final trading day," it added.
On the blue-chip index, Tenaga Nasional rose four sen to RM14.88, while Gamuda gained two sen to Rm4.80 and CIMB added two sen to RM8.17.
MUI Properties, meanwhile, which is selling a tract of land in Springhill Industrial Park in Port Dickson to Gamuda for RM424.4mil, dropped five sen to 38.5 sen. It was the most active stock with 18.03 million shares changing hands.
Other top actives included Harvest Miracle up 1.5 sen to 15.5 sen and Velocity gaining 0.5 sen to 4.5 sen.
