KUALA LUMPUR (Nov 21): The FBM KLCI slumped in early trade this morning in line with the fall at regional markets, and lost 1%.

At 9.05am, the FBM KLCI lost 17.02 points to 1,693.69.

Among the early losers were British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Allianz Malaysia Bhd, Tenaga Nasional Bhd, KESM Industries Bhd, Malaysia Airports Holdings Bhd, Public Bank Bhd and Hengyuan Refining Company Bhd.

Asian stocks fell on Wednesday, weighed by a renewed bout of selling on Wall Street, and crude oil struggled after a sharp slide as economic growth concerns gripped global markets, according to Reuters.

The US dollar stood tall, rallying from a two-week low, as the currency found safe-haven demand from heightened risk aversion, it said.

Hong Leong IB Research in a traders’ brief said with the uncertain trade development as US President Donald Trump and Chinese President Xi Jinping will be discussing several agenda during the upcoming G20 summit, coupled with the softer outlook guidance from most of the tech giants, the volatility may remain over the near term with higher downside risk on Wall Street.

“On our local stock exchange, we anticipate the selling pressure could spill over to stocks on the local front with the unfavourable global trading tone as well as the weaker Brent oil prices, which may contribute to the negative trading tone amongst oil and gas stocks.

“Hence, the KLCI’s upside will be capped along 1,726-1,730, while traders may look for safe-haven stocks under the consumer and utilities sectors,” it said.