Bursa starts 2024 on a slide

KUALA LUMPUR: There could be some upsides for the local market in the new trading year as the major US indices approach record highs, says Malacca Securities Research.

"With the US trading near the all-time-high zone, we expect buying interst to emerge on the local front within the technology sector," said the research firm.

"Meanwhile, with the PADU system being launched, there might be follow up in the targeted subsidies going forward, which may affect the Consumer and Utilities sectors.

"Also, should there be any revival of the KL-SG HSR, it may provide an upside boost towards the Construction, Building Material, and Property sectors.

At the open, the benchmark FBM KLCI was down 2.46 points to 1,452.2 as investors continued the profit-taking seen in the final traing day of 2023.

There was selling in Tenaga Nasional, down five sen to RM9.99, PETRONA Chemicals shedding two sen to RM7.14 and IHH falling two sen to RM6.01.

Public Bank, meanwhile, dropped two sen to RM4.27 while CIMB dipped two sen to RM5.83.

Some other notable decliners included MPI falling 20 sen to RM28, British American Tobacco sliding nine sne to RM9.20 and Ta Ann falling five sen to RM3.46.

Top actives included Fast Energy up six sen to 19 sen, Hong Seng unchanged at 2.5 sen and Sarawak Cable gaining 5.5 sen to 43 sen.