Market Open KLCI starts first trading day on lower note

by **Cals** Mon 04 Jan 2016, 23:13

Market Open

[size=28]KLCI starts first trading day on lower note

By Surin Murugiah / theedgemarkets.com | January 4, 2016 : 9:20 AM MYT

KUALA LUMPUR (Jan 4): The FBM KLCI dipped at the opening bell on the first trading day of 2016, in line with the cautious start at most regional markets.

At 9am, the FBM KLCI dipped 5.69 points to 1,686.82 points.

The early decliners included Kuala Lumpur Kepong Bhd ([You must be registered and logged in to see this image.] Valuation: 0.50, Fundamental: 1.00), PPB Group Bhd (Valuation: 1.60, Fundamental: 2.30), Sime Darby Bhd ( Valuation: 1.40, Fundamental: 0.80), Tenaga Nasional Bhd (Valuation: 1.20, Fundamental: 1.30), Malayan Banking Bhd ( Valuation: 2.70, Fundamental: 1.50), Maxis Bhd ( Valuation: 1.10, Fundamental: 1.15), Affin Holdings Bhd ( Valuation: 1.35, Fundamental: 1.10) and Astro Malaysia Bhd ( Valuation: 1.70, Fundamental: 1.10).

Asian shares began their first trading of 2016 on a cautious note on Monday while oil prices jumped 3% after Saudi Arabia's execution of a prominent Shi'ite Muslim cleric spurred regional anger and geopolitical tensions, according toReuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, with resource-heavy Australian shares rising 0.6%. The MSCI ex-Japan shed nearly 12% in 2015, it said.

JF Apex Securities Research in a market preview today said US markets plunged amid low trading volume and flat oil prices.

Similarly, it said European stocks also declined on the last trading day of 2015.

"On the local bourse, the FBM KLCI shed 0.63 points to 1,692.51 points as the bulls took a breather from the recent rally.

"Following the lacklustre performance in the US and Europe, we expect the FBM KLCI to be sideways below the psychological 1,700 points," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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