KUALA LUMPUR (Feb 10): The FBM KLCI opened lower today before extending losses as  Asian shares and US stock futures fell after news on the 2019 novel coronavirus (2019-nCoV) outbreak's global death toll rising to 904 hit world market sentiment.

At Bursa Malaysia today, the KLCI fell 3.53 points to 1,550.96 at 9:01am. At 9:06am, the KLCI was down 8.96 points at 1,545.53 as KLCI-linked stocks Hong Leong Financial Group Bhd and Tenaga Nasional Bhd emerged among Bursa top decliners. 

KLCI-linked rubber glove manufacturers Hartalega Holdings Bhd and Top Glove Corp Bhd rose among Bursa top gainers. On the KLCI, TA Securities Holdings Bhd wrote in a note today that while daily and weekly technical momentum indicators recovered from oversold levels after last week's strong V-shape rebound, trend indicators stayed bearish, signaling that the current rebound may not last. 

"Meanwhile, given last Friday's correction on Wall Street, the local market may take a knock this week as persisting fears over the coronavirus epidemic on the Chinese economy offset last Friday's release of stronger-than-expected U.S. jobs data," TA said.

Rakuten Trade Sdn Bhd wrote in a note today that the research firm believes regional stock markets will face headwinds amid concerns on the coronavirus outbreak. 

Rakuten said that if the coronavirus outbreak is prolonged, "there is a high likelihood that the Fed (US Federal Reserve) may look at reducing interest rates again to boost the US economy."

Bloomberg reported today the global death toll from the coronavirus outbreak reached at least 904, as the World Health Organization’s chief voiced concern over the spread of the disease from people with no travel history to China. 

It was reported that China’s nationwide coronavirus death toll is at least 902, with 871 in Hubei. It was reported that there have been two deaths outside of Mainland China -- one in Hong Kong and another in the Philippines.

"U.S. stock futures fell while haven assets nudged higher at the start of a week that may prove crucial in determining the trajectory of coronavirus cases, and in turn the prospects for a v-shaped economic recovery. With cases outside of China continuing to increase, investors will be monitoring whether the rate of change kicks up a gear. Futures on the S&P 500 Index declined about 0.5%, while Treasury futures climbed along with the yen and gold," Bloomberg reported.