KUALA LUMPUR (June 25): The FBM KLCI fell 0.51% in early trade Thursday, tracking the drop at regional markets, following the overnight slump at Wall Street on worries over a resurgent coronavirus.

At 9.05am, the benchmark index lost 7.70 points to 1,494.93.

The early decliners included Heineken Malaysia Bhd, Petronas Gas Bhd, KESM Industries Bhd, Malaysia Airports Holdings Bhd, Hartalega Holdings Bhd, Hong Leong Bank Bhd, Hap Seng Consolidated Bhd and Top Glove Corp Bhd.

Bloomberg said Asian stocks dropped after a tumble on Wall Street, where worries about a surge in virus cases in multiple US states spurred a flight from riskier assets.

The US dollar extended Wednesday’s gains, it said.

Rakuten Trade Sdn Bhd in its daily market report said sentiments on Wall Street turned tentative on the back of a potential second Covid-19 wave in the US.

As such the Dow Jones Industrial Average lost 710 points to close below the 25,500 mark while the Nasdaq lost 222 points following its record-breaking run, it said.

“As a result, we anticipate regional markets to remain mixed today amid the ongoing consolidation.

“On the domestic front, the KLCI may finally relent and is seen to close below the psychological 1,500 level today having held on stubbornly above this threshold over the last few days.

“Immediate support is seen at 1,490 level,” it said.