KUALA LUMPUR (Jan 2): Bursa Malaysia opened mixed on the first day of trading in 2024, despite Wall Street performing lower amid the festive season rally recently, said a dealer. 

At 9.06am on Tuesday, the FBM KLCI was down 2.59 points to 1,452.07, from last Friday's close at 1,454.66. The benchmark index opened 2.46 points weaker at 1,452.20.

On the broader market, however, gainers led decliners 171 to 159, while 269 counters were unchanged, 1,629 untraded, and 22 suspended.

Turnover amounted to 279.98 million units worth RM74.44 million.

Rakuten Trade equity research vice-president Thong Pak Leng said going forward, interest rates would be the focus of investors on anticipation of when the US Federal Reserve would ease its stance.

In Hong Kong, the Hang Seng Index was flat at just above the 17,000 level to end 14% lower year-on-year.

“However, foreign funds are set to make a massive return on Hong Kong stocks as many deem their valuation as highly enticing,” Thong told Bernama.

Back home, the KLCI ended 2023 at just below 1,455. He said at current levels, market valuation is estimated at around the 14 times range, which offers a decent value proposition.

"Hence, we reckon flows of foreign funds into the local bourse to persist, amid a strengthening ringgit that dipped below the 4.60 mark against the US dollar.

“For today (Tuesday), we expect the index to hover within the 1,455-1,465 range, with banks to remain as the main focus,” Thong added. 

On Bursa, among the heavyweights, Malayan Banking Bhd (Maybank) at RM8.88 and Public Bank Bhd at RM4.28 had declined one sen each.

CIMB Group Holdings Bhd eased two sen to RM5.83, Tenaga Nasional Bhd at RM10 and IHH Healthcare Bhd at RM5.99 had dropped four sen each, and Petronas Chemicals Group Bhd shed three sen to RM7.13. 

Of the actives, Fast Energy Holdings Bhd rose six sen to 19 sen, Hong Seng Consolidated Bhd was flat at 2.5 sen, Sarawak Cable Bhd increased 5.5 sen to 43 sen, Bioalpha Holdings Bhd gained two sen to 13 sen, and PNE PCB Bhd added one sen to 9.5 sen.

On the index board, the FBM 70 Index was stronger by 3.85 points to 14,616.84, and the FBM ACE Index went up 19.39 points to 5,341.39.

However, the FBMT 100 Index slipped 13.21 points to 10,472.51, the FBM Emas Shariah Index was weaker by 14.31 points to 10,974.40, and the FBM Emas Index narrowed by 12.65 points to 10,811.05.

Sector-wise, the Industrial Products and Services Index inched down 0.24 of a point to 172.75, and the Financial Services Index dropped 7.28 points to 16,295.76.

The Plantation Index slipped 2.01 points to 7,005.95, the Energy Index rose 1.68 points to 819.41, and the Property Index erased 0.83 of a point to 861.28. The market was closed on Jan 1, 2024 for the New Year holiday.