KUALA LUMPUR (June 12): The FBM KLCI looked set to record a week-on-week (w-o-w) loss on Friday after slumping 2.86% in early trade, as Asian markets tumbled following the overnight plunge at Wall Street.

At 9.06am, the FBM KLCI lost 43.37 points to 1,513.88. On a w-o-w basis, the index shed more than 40 points.

The top losers included Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, Hong Leong Financial Group Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Aeon Credit Service (M) Bhd and Petronas Dagangan Bhd.

Bloomberg said Asian stocks slumped on Friday after a rout on Wall Street triggered by concerns the epic rally since March was excessive given the emergence of a second wave of infections in some locations.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street experienced one of its worst sell-down yesterday on fears of a second Covid 19 wave couple with the high unemployment rate.

It said as a result, the DJI Average lost almost 1,900 points to hover just above the 25,000 mark.

“In line with the fragile sentiments, we reckon regional markets to see the same today as correction should take centre stage.

“Locally, the FBM KLCI will finally relent from its stubbornness and undergo some downside today.

 “Therefore, we see a more meaningful support at the 1,500 level for the benchmark index.Meanwhile, the second wave fears had also seen crude oil price decline with the Brent down to below the US$40/barrel again at US$38.55,” it said.