KUALA LUMPUR: Blue chips started the new week on a cautious note on Monday, with the FBM KLCI in the red in line with the key Asian markets while crude oil prices fell.
However, BCM Alliance saw heavy trading interest on its debut on the Ace Market of Bursa Malaysia Securities.
At 9.30am, the KLCI was down 0.6 of a point or 0.04% to 1,669.38. Turnover was 202.09 million shares valued at RM85.43mil. There were 178 gainers, 157 losers and 218 counters unchanged.
Reuters reported Asian stocks were subdued early on Monday after Wall Street's sluggish performance at the end of last week, while the dollar hovered near nine-month highs as fresh comments from a Federal Reserve official boosted bets of a rate hike by year-end.
MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.1%.
Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as US drillers stepped up work.
International Brent crude oil futures were trading at US$51.61 per barrel at 0051 GMT, down 17 cents from their last close. US West Texas Intermediate (WTI) crude futures were down 20 cents at US$50.56 a barrel.
Last Friday, Prime Minister Datuk Seri Najib Tun Razak announced the 2017 Budget proposals.
Hong Leong Investment Bank (HLIB) Research said overall, the 2017 Budget is mildly positive (especially for the small/mid cap stocks following the RM3bil funds to invest) for the market given broader positive impact against limited negative shocks (that is Telekom Malaysia), which would eventually to lift KLCI 2017 earnings to grow 9.5% after recording a third consecutive yearly decline.
“Technically, only a decisive break above immediate resistance of 1,675-1,684 will trigger a resumption of rally to retest 1,700 psychological barrier. Failure to do so will witness KLCI to continue to engage in sideways consolidation mode with key supports at 1,645-1,657 zones,” it said.
BCM Alliance was the most active with 60.11 million shares done. It was up six sen to 25 sen.
BAT fell the most, down 52 sen to RM49.28, Carlsberg lost 16 sen to RM14.84 but Heineken added 18 sen to RM17.
KL Kepong fell 36 sen to RM24, Hrtalega eight sen lower at RM4.92 while Perstima lost seven sen to RM6.41. Berjaya Auto was down six sen to RM2.26 and Luxchem five sen to RM1.62.
HL Industries rose 12 sen to RM9.52 following a recent upbeat report from analysts for the company but trading volume was thin with only 200 shares done.
KPJ Healthcare
added 12 sen to RM4.18, Genting Bhd seven sen to RM7.94 and Takaful six sen higher at RM4.23.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
