Malaysian stocks and ringgit take cue from regional markets

Kuala Lumpur

STOCK market and currency falls on the first trading day didn't make for the best of starts to 2016, and analysts are forecasting a bleak year for Malaysia, especially with the ringgit projected to shrink further.

China's depressing factory data for the 10th consecutive month in December and the unsettling Saudi Arabia-Iran tensions played a major part in the downcast market performance on Monday, as the benchmark FBMKLCI took the cue from regional bourses, contracting 2.31 per cent to 1,653 points. It ended the day with twice as many losers as gainers, with 1.9 billion shares worth RM1.7 billion (S$558 billion) having been traded.