Cautious start to 2016 for Bursa Malaysia

KUALA LUMPUR: Malaysia’s stock market started 2016 on a cautious note in line with the key Asian markets as the FBM KLCI fell more than eight points in early Monday trade.

At 9.12am, the KLCI was down 8.71 points or 0.51% to 1,683.80. Turnover was 136.54 million shares valued at RM47.18mil. There were 155 gainers to 141 losers.

Reuters reported Asian shares began their first trading of 2016 on a cautious note on Monday.

However, oil prices jumped 3% after Saudi Arabia's execution of a prominent Shi'ite Muslim cleric spurred regional anger and geopolitical tensions.

JF Apex Research said following the lacklustre performance in the US and Europe, “we expect the KLCI to trade sideways below the psychological 1,700”.

Petronas Dagangan fell 20 sen to RM24.66 with 400 shares done while Petronas Chemicals was down 11 sen to RM7.16 with 200 shares traded.

Among the plantations, PPB Group and KL Kepong fell 18 sen each to RM15.72 and RM22.70.

As for financial stocks, HLFG lost 18 sen to RM13.78 and Hong Leong Bank 10 sen to RM13.34.

MAHB was down 13 sen to RM5.48.

Meanwhile Top Glove extended its winning streak, heading for a record high as it added 16 sen to RM13.74. Kossan call warrants CG added 7.5 sen to 49.5 sen.

Ekovest gained six sen to RM1.13. It is linked to Tan Sri Lim Kang Hoo since his brainchild Iskandar Waterfront Holdings (IWH) makes up part of the consortium that won the Bandar Malaysia bid from 1Malaysia Development Bhd (1MDB).