KUALA LUMPUR (Dec 18): The FBM KLCI fell 0.79% in early trade this morning, tracking the stumble at most regional markets as rising fears over global economic growth gripped investors worldwide.

At 9.05am, the FBM KLCI lost 13.01 points to 1,628.61.

The early losers included Fraser & Neave Holdings Bhd, Genting Plantations Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, IHH Healthcare Bhd, Tenaga Nasional Bhd, Pentamaster Corp Bhd, V.S.Industry Bhd and Petronas Gas Bhd.

Asian share markets stumbled on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year, according to Reuters,

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.25 percent in early trade while Japan's Nikkei tumbled 1.5 percent, it said.

Hong Leong IB Research in a traders’ brief said investors would remain unhinged by the major macro headwinds that have buffeted markets in recent months: rising interest rates, slowing global growth and US-China trade tensions.

“All eyes are on the upcoming FOMC meeting as the outcome of the events will be affecting markets’ tone significantly, with the Fed widely expected to raise rates by 25 basis points and reduce the quantum of previously scheduled 3 hikes in 2019. Key resistances are 24000-24500 while supports are near 23000-23300.

“On the local front, we anticipate bearish undertone to prevail in view of external headwinds (e.g. trade tensions and political uncertainty, intensifying worries of global economic outlook, and monetary policy normalisation by central banks) and internal clouds surrounding the slowing corporate earnings, compounded by weak crude oil and FCPO prices.

“Major supports are set at 1614-1631 whilst resistances are near 1670-1682,” it said.