KUALA LUMPUR (Sept 29): The FBM KLCI slipped below the psychologically crucial 1,600-point level at mid-morning today as regional markets fell in line with the overnight slump at most global bourses.

At 10am, the FBM KLCI lost 11.10 points to 1,597.33.

The top losers included British American Tobacco (M) Bhd, PPB Group Bhd, LPI Capital Bhd, Hong Leong Financial Group Bhd, CIMB Group Holdings Bhd, Tenaga Nasional Bhd and UMW Holdings Bhd.

The actively traded counters included Al-Salam REIT, The Media Shoppe Bhd, UEM Sunrise Bhd, AirAsia Bhd, Malaysian Resources Corporation Bhd, Frontken Corporation Bhd, IFCA MSC Bhd and Nexgram Holdings Bhd.

The top gainers included United Plantations Bhd, Sarawak Oil Palms Bhd, Hap Seng Plantations Bhd, Hartalega Holdings Bhd, Apollo Food Holdings Bhd, Kossan Rubber Industries Bhd, Hong Leong Industries Bhd and Top Glove Corporation Bhd.

Asian shares skidded to three-week lows and the dollar sagged on Tuesday, after weak Chinese data rekindled worries about its fragile economy and led to sharp losses on Wall Street, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7% in early trading, touching its lowest levels since Sept 8, it said.

JF Apex Securities Research said US market plunged overnight following uncertainties on economic growth and interest rate hike. 

Similarly, it said European stocks also tumbled after being fueled by concerns on Volkswagen and Glencore.

“On the local market, the FBM KLCI lost 6.58 points to 1,608.43 points.

“Following the bearish performance in the US, we expect the KLCI to decline and test its support of 1,600 points,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)