KUALA LUMPUR: The local stock market was in negative territory on the last market day of 2024, mirroring Wall Street's profit-taking.
The FBM KLCI extended its gains for the sixth straight session, opening 0.75 points higher at 1,638.43 on Tuesday before shedding 3.38 points to 1634.30 points earlier.
The broader market was negative, with decliners outnumbering gainers 467 to 230.
A total of 443 counters remained unchanged.
Malacca Securities said the local bourse began the week on a positive tone, extending its five day winning streak, supported by buying interest in selected heavyweights, likely driven by window-dressing activities by funds.
Meanwhile, it said in the US, markets ended lower despite a 2.2 per cent rise in pending home sales, as Technology heavyweights faced selling pressure in recent sessions due to overstretched movements and valuations.
"This week, traders will monitor key economic data, including US unemployment claims and the ISM (Institute for Supply Management) Manufacturing PMI."
"Despite the negative sentiment in the US, window-dressing activities are expected to lift KLCI on the year's final trading day," it said in a note.
In active stocks, Velocity Capital Bhd and SMTrack Bhd gained half-a-sen each to 4.5 sen and 2.0 sen, while Harvest Miracle Capital Bhd advanced one sen to 15 sen.
Among heavyweights, CIMB Group Holdings Bhd added one sen to RM8.16, Tenaga Nasional Bhd rose four sen to RM14.88, while IHH Healthcare Bhd, Hong Leong Bank Bhd, and CelcomDigi Bhd were flat at RM7.23, RM20.42, and RM3.70, respectively.Ends