KUALA LUMPUR (Feb 21): The FBM KLCI dipped 0.37% in early trade Friday in line with tentative regional markets, weighed by select index-linked stocks.

At 9.05am, the FBM KLCI fell 5.65 points to 1,529.33.

The decliners included PPB Group Bhd, Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, Petronas Gas Bhd, Pharmaniaga Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Malayan Cement Bhd, Hong Leong Financial Group Bhd and QL Resources Bhd.

Reuters said Asian shares were cast adrift on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of U.S. assets, lofting the dollar to three-year highs.

Even Wall Street turned south late on Thursday on reports of increased infections in Beijing, and as the virus spread in South Korea and Japan, it said.

JF Apex Securities Research said US markets declined overnight as the S&P and Nasdaq came off record high levels amid concerns over the coronavirus.

It said that earlier, European stocks retreated following disappointing earnings and fears of the coronavirus outbreak.

“On the local market, the FBM KLCI was flat after adding 0.82 points to 1534.98 points.

“Following the bearish performances in the US and Europe, the FBM KLCI could remain pressured with support at 1520 points,” it said.