KUALA LUMPUR (Feb 3): The gloomy performance at the local market continued this morning and the FBM KLCI opened more than 1% lower as regional markets sagged.

At 9am, the FBM KLCI fell 16.52 points to 1,636.66.

The top losers included Shell Refining Company (Federation of Malaya) Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, British American Tobacco (M) Bhd, UMW Holdings Bhd and MISC Bhd.

Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs, according to Reuters.

Australian shares fell 1.4 percent in early trade, pushing down the MSCI's broadest index of Asia-Pacific shares outside Japan 0.5 percent, it said.

JF Apex Securities Research in a market preview today said US markets plunged overnight as oil price fell below US$30 per barrel.

Similarly, it said European stocks tumbled after lower oil prices spooked investors.

“On the local market, the FBM KLCI lost 14.62 points to 1653.18 points.

“Following the bearish performance in Wall Street and Europe, the FBM KLCI is likely to extend its selldown towards its support level of 1645 points,” it said.