KUALA LUMPUR (June 18): The FBM KLCI fell 1.13% in early trade this morning, tracking losses at most regional markets spooked by the U.S.-China trade wars.

At 9.05am, the FBM KLCI lost 19.78 points to 1,742.00.

The top losers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Kretam Holdings Bhd, Hong Leong Bank Bhd, Malaysian Pacific Industries Bhd, Hap Seng Consolidated Bhd, Axiata Group Bhd, UMW Holdings Bhd and PPB Group Bhd.

Asian shares retreated on Monday after U.S. President Donald Trump cranked up trade tensions with China by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind, according to Reuters.

Fears of a trade war added to pressure on oil prices, which extended Friday's big fall amid expectations of higher output from OPEC and Russia, it said.

JF Apex Securities Research said in a market preview said US markets declined on Friday following concerns of trade war with China after President Trump approved tariffs on Chinese products.

It said that similarly, European stocks ended lower after reversing gains from European Central Bank intended to end its bond buying progamme this year.

“On the local market, the FBM KLCI shed 1.79 points to 1761.78 points.

“Following the bearish performance in the US and Europe, the FBM KLCI is expected to remain pressured with support at 1750 points,” it said.