KLCI tumbles 1.75% in line with regional slide, Petronas stocks and Tenaga drag

KUALA LUMPUR (Jan 28): The FBM KLCI tumbled 1.75% in early trade this morning, in line with the slide at regional markets, dragged by key index-linked stocks including Petronas stocks and Tenaga Nasional Bhd.

At 9.05am, the FBM KLCI lost 27.18 points to 1,545.63.

The early losers included Nestle (M) Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, Petronas Chemicals Group Bhd, Public Bank Bhd, Tenaga Nasional and Panasonic Manufacturing Malaysia Bhd.

Bloombergsaid Asian stocks retreated again on Tuesday as concern over the economic and human impact of China’s deadly coronavirus rattled global markets. Treasury yields and the yuan steadied after Monday’s declines.

Japanese shares slid, with deeper losses in South Korea and Australia as those markets reopened after holidays. Chinese and Hong Kong markets remain closed. U.S. futures edged higher after the S&P 500 Index fell the most in almost four months, with chipmakers, cruise lines and casino operators among the hardest hit as investors fled companies with close links to China. A gauge of U.S. equity volatility surged above its one-year average. The yen held overnight gains, it said.

JF Apex Securities Research said US markets tumbled over 1% overnight due to rising concerns over the Wuhan coronavirus.

It said that similarly, European stocks plunged following fears of economic downturn as a result of the coronavirus outbreak.

“On the local market, the FBM KLCI shed 1.63 points to 1572.81 points.

“Following the bearish sentiment in global markets, the FBM KLCI could break the immediate support of 1570 points with second support at 1550 points,” it said.