KUALA LUMPUR (March 23): The FBM KLCI slumped 0.99% in eraly trade this morning, in line with the slide at most regional markets.

At 9.05am, the FBM KLCI fell 18.50 points to 1,858.37.

The top losets included KESM Industries Bhd, Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Marketing & Refining Company Bhd and Public Bank Bhd.

Stock markets slid and perceived havens such as government bonds and the yen gained on Friday as investors rushed to safety after U.S. President Donald Trump announced long-promised tariffs on Chinese goods, stoking fears of a global trade war, according to Reuters.

Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period, it said.

JF Apex Securities Research in a market preview said US markets plunged over 2% overnight on concerns of trade war after President Trump revealed tariffs on China for intellectual property theft.

It said that similarly, European stocks tumbled after being dragged by technology counters as UK's central bank kept interest rates unchanged.

“On the local bourse, the FBM KLCI surged 11.07 points to 1876.87 points.

“Following the bearish performance in the US and Europe, the FBM KLCI could reverse its gains this week with support at 1840 points,” it said.