KUALA LUMPUR: Malaysia’s stock market started 2016 on a cautious note in line with the key Asian markets as the FBM KLCI fell 16 points in Monday trade, dragged down by losses in Petronas Gas, Petronas Dagangan and Sime Darby.
At 10am, the KLCI was down 16 points or 0.95% to 1,676.51. Turnover was 413.31 million shares valued at RM198.65mil. Decliners led advancers 307 to 226 while 251 counters were unchanged.
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 Gas fell 34 sen to RM22.36 with 61,400 shares done while Petronas Dagangan lost 26 sen to RM24.60,
Among the plantations, KL Kepong fell 18 sen to RM22.70 with 700 shares done while heavyweight Sime Darby was down 12 sen to RM7.63.
Hong Leong Bank fell 16 sen to RM13.28 and it was the worst performer among the finance stocks as investors took profit.
Thong Guan Industries jumped 20 sen to RM3.35 with 428,900 shares done, the loan stocks added 16 sen to RM3.04 and the warrants 15 sen to RM2.29.
Poultry-based Lay Hong added 11 sen to RM6.39.
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