KUALA LUMPUR (May 4): The FBM KLCI drifted lower in early trade today in tandem with the weaker regional markets and overnight slump at mosr global bourses.

At 9am, the FBM KLCI lost 6.13 points to 1,645.31.

The top losers included Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Time DotCom Bhd, Carlsberg Brewerey (M) Holdings Bhd, RHB Capital Bhd, PPB Group Bhd, Scientex Bhd, Hong Leong Bank  Bhd and Westports Holdings Bhd.

Asian shares slipped on Wednesday as worries about global growth and creeping deflation resurfaced, undermining commodities and boosting demand for safe-haven sovereign debt, according to Reuters.

Disappointing manufacturing surveys from China and the UK combined with downgrades to growth and inflation forecasts from the European Commission to sour the mood, it said.

JF Apex Securities Research in a market preview today said US markets tumbled about 1% following weaker-than-expected Chinese PMI data sparked concerns on global economic growth.

It said that similarly, European stocks declined sharply after disappointing earnings from banks.

“On the local market, the FBM KLCI plunged 21.28 points to 1651.44 points to extend its selldown.

“Following the bearish sentiment globally, the FBM KLCI could decline further on foreign selling with support at 1620 points,” it said.