KUALA LUMPUR: The benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) broke the the 1,600 point at market opening today on the US Federal Reserve's planned rate cuts coming sooner than later this year.

At 9.44 am, the FBM was up 4.28 points to 1,601.67 from yesterday's close of 1,597.39.

The benchmark index opened 3.46 points higher at 1,600.85.

On the broader market, gainers led decliners 374 to 306, while 425 counters were unchanged.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said judging from the prevailing uptrend, its 2024 target of 1,660 could be easily achievable as the local bourse remains reasonably priced currently at 15 times calamder year 2024 (CY24) price earning (PE) vis-a vis the 16 times average.

"In view of this, we believe funds into the blue chips will eventually cascade down to the smaller caps thus expect round 2 from small cap companies to excel," he added.

Thong said the benchmark index has had an impressive performance since mid-April, adding four per cent as foreign funds returned.

"On heavyweight, Malayan Banking Bhd added one sen to RM9.84, Public Bank Bhd rose two sen to RM4.22 while Tenaga Nasional Bhd gained four sen to RM12.42.

As for the actives, Ingenieur Gudang Bhd was unchanged at 11 sen, SNS Network Technology Bhd and Eversendai Bhd increased one sen each to 48 sen and 47 sen, respectively.