KUALA LUMPUR (Aug 24): The FBM KLCI tumbled 1.37% at the opening bell today in line with the slump at most regional markets.

At 9am, the FBM KLCI lost 21.43 points to 1,553.25.

The top losers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Malayan Banking Bhd, Malaysian Pacific Industries Bhd, Top Glove Corporation Bhd, Westports Holdings Bhd, V.S. Industry Bhd and Karex Bhd.

Asian stocks and oil fell on Monday after Wall Street suffered another bruising blow as deepening concerns over the slowing Chinese economy continued to unnerve global equity markets, according to Reuters.

The safe-haven yen rallied and key government bonds were bought from the widespread unrest in the financial markets, set in motion nearly two weeks ago when China devalued its currency and generated fears about the state of its economy, it said.

JFApex Securities Research in a market preview today said US markets plunged last Friday with the Dow and Nasdaq losing 3% as selling pressure gained momentum.

Similarly, it said European stocks plummeted after China's August PMI came below expectation.

“On the local bourse, the FBM KLCI closed 2.74 points lower at 1,574.67 points after recovering from an intra-day low of 1,557.01 points.

“Following the bearish sentiment in the US and Europe, we expect the FBM KLCI to be negative today and likely to test its support of 1,545 points,” it said.