KUALA LUMPUR (March 9): The FBM KLCI tumbled 2.5% in early trade this morning as regional markets sank and crude oil prices plunged, extending its the downward swing of the local market ahead of the announcement of the Cabinet line-up after market closing hours today. 

At 9.0.5am, the FBM KLCI lost 35.79 points to 1,447.31.

The top losers included Carlsberg Brewery Malaysia Bhd, Petronas Chemicals Group Bhd, Dayang Enterprise Holdings Bhd, Heineken Malaysia Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Yinson Holdings Bhd, Kuala Lumpur Kepong Bhd and Nestle (M) Bhd.

Reuters said Asian shares sank on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.

The world's top oil exporter plans to raise its production significantly after the collapse of OPEC's supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that caused prices to slump by around two thirds, it said.

JF Apex Securities Research said US markets extended their selldown on Friday amid fears of a recession due to the coronavirus outbreak.

It said that similarly, European stocks tumbled due to concerns of negative impact on global economy caused by the coronavirus.

“On the local market, the FBM KLCI lost 7.93 points to 1483.10 points.

“Following the bearish sentiment in global markets and slump in crude oil prices, the FBM KLCI could tumble with support at 1450 points,” it said.