■ Stronger-than-expected headwinds drag the Klci lower in 2016, the third ■ consecutive year of declines.  We predict a challenging 1H17 for the market, followed by a stronger 2H17. ■ Top 1H17 themes are strong US$ play, pump priming and small-mid cap scheme.  ■ Preferred big cap picks for 2017 are Tenaga Nasional, Sime Darby and IJM Corp. ■ We maintain our KLCI target of 1,820 pts,