KUALA LUMPUR (Oct 3): The FBM KLCI lost 0.58% in early trade this morning, tracking the tumble at regional markets rattled by U.S. imposing tariffs on European goods.
At 9.05am, the FBM KLCI lost 9.14 points to 1,565.76.
The top losers included Petronas Dagangan Bhd, Hong Leong Banjk Bhd, Malaysia Airports Holdings Bhd, PPB Group Bhd, Public Bank Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, Petronas Chemicals Group Bhd and Malaysian Pacific Industries Bhd.
Asian stocks, already under pressure from growing global growth fears, tumbled on Thursday after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union, according tp Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38%. Japan's Nikkei stock index dropped 1.96% and Australian shares declined 2.19%, it said.
CGS-CIMB Retail Research said on the back of the weak US manufacturing activity sparking fears of a global economic recession, the FBMKLCI closed 14.54 points lower yesterday.
It said yesterday’s close was the weakest close for the local benchmark since June 15, 2012, a new 7-year low.
“The close penetrated below the 2-month trading range between 1,580 and 1,620.
“Coupled with the overnight fall on Wall Street, the local bourse is most likely to record new lows today. Resistance: 1,580 & 1,600. Support: 1,572 & 1,540,” it said.