KUALA LUMPUR (May 14): The FBM KLCI is currently trading down 9.07 points or 0.55% — its lowest since January 2016 — in tandem with Asian shares, which continue to remain in red as Sino-US trade tensions deepen.

In Malaysia, the benchmark index fell as much as nearly 30 points earlier on the opening bell in a gap down before rebounding swiftly. As at 10.50am it was trading 8.13 points lower at 1,592.29.

Laggards dragging the index down this morning are Petronas Gas Bhd, which declined 3.2%, and Sime Darby Plantation Bhd, which fell 3.05%.

MISC Bhd is also down 2.69% after it was excluded from the FTSE Russell's FTSE Value-Stocks Asean Index.

AMMB Holdings Bhd, Tenaga Nasional Bhd and Malaysia Airports Bhd are also among top laggards of the KLCI.

The broader market also remains in red, with the small caps index down 0.66%. Plantation and construction indices are among the worst performing, down 1.34% and 1.69% respectively.

Meanwhile, markets remained negative across the region.

In China, the Shanghai Stock Exchange Composite is trading 0.16% lower while Hong Kong's Hang Seng dropped 1.27%. Elsewhere across Asia, Japan's Nikkei 225 is down 0.73% while South Korea's Kospi is up 0.22%.

Reuters wrote that most Southeast Asian stock markets closed lower on Monday, as investors took a cautious stance fearing flare-up in the Sino-US trade negotiations, while anxiety over a possible retaliation by Beijing kept sentiment fragile.

It said Singapore's Straits Times index, whose stocks are most exposed to global trade, was the biggest decliner in the regional market. The index is currently trading 0.93% lower.