KUALA LUMPUR (May 30): The FBM KLCI tumbled 1.7% in early trade this morning, tracking losses at most global markets spooked by the ongoing political crisis in Italy.

At 9.10am, the FBM KLCI lost 29.83 points to 1,746.01.

The top losers included Nestle (M) Bhd, Muda Holdings Bhd, British American Tobacco (M) Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, Public Bank Bhd, Hengyuan Refining Company Bhd, Fraser & Neave Holdings Bhd and Carlsberg Brewery Malaysia Bhd.

Asian shares looked set for a sharp fall on Wednesday as Italy's political crisis provoked a sell-off on Wall Street, sent the euro to a 10-month low and spiked borrowing costs for the government in Rome, according to Reuters.

Japan's Nikkei futures traded in Chicago pointed to a 1.4 percent fall in the Nikkei, it said.

JF Apex Securities Research in a market preview said US markets plunged overnight led by banking counters following political concerns in Italy.

It said that earlier, European stocks tumbled over political fears in Italy and Spain.

“On the local market, the FBM KLCI plunged 21.56 points to 1775.84 points.

“Following the bearish performance in Europe and US, the FBM KLCI could remain pressured with support at 1750 points,” it said.