KUALA LUMPUR: The stock market got off to a cautious start for 2017 on Tuesday as the FBM KLCI slumped more than six points, weighed down by losses in Malayan Banking and Axiata Group.
At 9.07am, the KLCI was down 6.26 points or 0.38% to 1,635.47. Turnover was 55.15 million shares valued at RM21.43mil. There were 86 gainers, 77 losers and 125 counters unchanged.
Asian stocks began 2017 on a flat note on Tuesday, uninspired by a surge in European markets to their highest in more than a year, while the dollar resumed its climb after last week's stumble, Reuters reported.
US oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. US light crude was up 35 cents, or 0.7%, at US$54.07 at 0010 GMT, not far from last year's high of US$54.51 reached on Dec. 12.
Maybank fell 22 sen to RM7.98, Hap Seng lost 16 sen to RM8.70 while Axiata was down 15 sen to RM4.57.
Naim Holdings fell 22 sen to RM1.68 while poultry company Teo Seong lost 12 sen to RM1.03 and Gamuda six sen lower at RM4.66.
UMS was the top gainer, up 19 sen to RM2.68 with 1,000 shares done, GeShen added 14 sen to RM1.68, ComCorp 3.5 sen to 80 sen and Ta Ann three sen up to RM3.98.
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