KUALA LUMPUR (Jan 16): Malaysia saw some RM448 million of net foreign inflow into the local stock market in the first 15 days of 2024, signalling extended buying momentum by foreign investors from the second half of last year, according to Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.
“That helped to push the KLCI to cross 1,500 level yesterday [Jan 15], and that means we are up 3.2%. In the first 15 days of the current month, we have seen average daily trading value (ADTV) increasing to RM3.25 billion, that is 58% higher than the RM2.06 billion ADTV for the whole of 2023,” he told reporters here after launching Bursa Malaysia’s new logo.
“As we move forward, obviously, it is coming from a low valuation, and with corporate earnings growing, and with public listed companies performing better, I think, God willing, we are hopeful that the market will continue to move along for 2024 compared to 2023,” he said.
Abdul Wahid noted that in the first half of 2023, Malaysia’s stock market saw a net foreign outflow of RM4.2 billion, but has pared those losses by RM2 billion in the second half of the year.
Although Abdul Wahid acknowledged that the local stock exchange performances are still subject to external uncertainties, he expressed confidence that there will be higher participation from domestic investors, both retail and institutional, to support the market.
“Certainly, we do have strong fundamentals to build on, and if we translate that into the performance of the public listed companies, as they grow their revenue, they grow their earnings, they gain more dividends, and that should be reflected in better share price in 2024,” he said.
“Apart from foreign investors, we are also confident that there will be more domestic retail, as well as institutional participation in our market in 2024 as well,” he added.
Earlier, other than a new logo, Bursa Malaysia also launched three new initiatives, namely the Bursa Gold Dinar, MyBURSA Customer Portal and BURSA REACH.
Bursa Gold Dinar is a shariah-compliant gold trading platform, providing investors with digital convenience to invest in physical gold through a mobile app.
The app is available to Malaysians and those residing in Malaysia who meet the eligibility criteria, and offers extended trading hours to 11.50pm, seven days a week, with an investment entry-level as affordable as RM10.
The MyBURSA Customer Portal is a newly created customer-centric web portal designed to meet customers’ needs and offer personalised experience, with investment tools that will facilitate informed decision making, alongside access to research reports and other curated content.
BURSA REACH is a profiling platform to connect dealer representatives (DRs) with investors, allowing dealers to showcase their skills by sharing their portfolios.
Through BURSA REACH, investors can select and engage with the DRs directly to support their investing needs.
The platform is now open to onboard DRs, and the platform will be made accessible to retail investors at a later stage.