Whilst it is important to treat any object which assists us in our own personal quest to attain a good level within ourselves, of our own chosen spirituality, I think it important to not attach too much importance to how you hold a mala, or where on your body you wear it, or where (in relation to your body) you use it...
Hinduism and Yoga have much ritual attached to the use of the mala, and I whilst I wholly respoect and understand this, Buddhism does not so much attach the importance to the beads as to the practise.
In both Hindu and Buddhist methods, provided your practise intention is wholesome, skillful and mindful, your mala is a vehicle for helping you get there, and doesn't contain any mystical, magical, spiritual properties or characteristics. It's there as a means, not as an end. By all means treat it with respect, but don't get "up yourself" or daft about it.
Just my view.