KUALA LUMPUR (Feb 24): The FBM KLCI tanked some 2.2% in early trade and fell below the 1,500-level this morning as domestic political uncertainty cast a dark cloud over the investor sentiment.

The Edge Financial Daily today reported that the nation’s political landscape could see a major tectonic shift in power in the coming days with a new coalition taking shape which sees the end of Pakatan Harapan.

At 9.05am, the FBM KLCI fell 32.73 points to 1,498.47.

The top losers included Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, Kuala Lumpur Kepong Bhd, KESM Industries Bhd, Gamuda Bhd and PPB Group Bhd.

Reuters said Global shares and oil extended losses on Monday while safe-haven gold soared as the spread of the coronavirus outside China accelerated with infections jumping in South Korea, Italy and the Middle East, in a worrying new development in the outbreak.

South Korea put the country on high alert after the number of infections surged to over 600 with six deaths. In Italy, officials said a third person infected with the flu-like virus had died, while the number of cases jumped to above 150 from just three before Friday, it said.

JF Apex Securities Research said US markets declined on Friday following renewed concerns on the coronavirus outbreak.

It said that earlier, European stocks retreated amid new cases of the coronavirus despite better-than-expected  business and manufacturing activity.

“On the local market, the FBM KLCI lost 3.78 points to 1531.20 points.

“Following the bearish performances in the US and Europe, the FBM KLCI could remain pressured with support at 1520 points,” it said.