The Malaysian stock market opened higher on Tuesday, aiming to conclude the year on a positive note despite a decline in Wall Street overnight. The benchmark FTSE Bursa Malaysia KLCI, which has experienced five consecutive days of gains, began at 0.75 points higher, reaching 1,638.43. Rakuten Trade observed bargain-hunting activity on the FBM KLCI, despite foreign capital outflows.
'With the 1,630 level surpassed, we anticipate the index might target 1,650, so we expect it to fluctuate within the 1,635-1,650 range,' a statement from Rakuten Trade revealed. Malacca Securities Research pointed out that a land deal between Gamuda and MUI Properties would likely stimulate buying interest in the property and construction sectors. 'This deal is anticipated to lift the KLCI on the year's final trading day,' the research firm added. On the blue-chip index, Tenaga Nasional increased by four sen to RM14.88, Gamuda gained two sen to RM4.80, and CIMB added two sen to RM8.17. Meanwhile, MUI Properties, which is selling a land parcel in Springhill Industrial Park in Port Dickson to Gamuda for RM424.4 million, dropped five sen to 38.5 sen. It was the most actively traded stock with 18.03 million shares exchanged. Other prominent actives included Harvest Miracle, rising 1.5 sen to 15.5 sen, and Velocity, gaining 0.5 sen to 4.5 sen
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