KUALA LUMPUR (March 13): Malaysian stocks tumbled 5.31% to below the 1,400-point mark, the lowest level since Sept 2011 in early trade this morning, tracking global equity markets shaken by panic selling after Wall Street plunged overnight.

At 9.0.5am, the FBM KLCI lost 71.63 points to 1,347.80.

The top losers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, PPB Group Bhd, Hong Leong Bank Bhd, Hap Seng Consolidated Bhd, Heineken Malaysia Bhd, Fraser & Neave Holdings Bhd and Panasonic Manufacturing Malaysia Bhd.

Reuters said Asia's stock markets were hammered on Friday as panic gripping world financial markets deepened and even safe-haven assets such as gold and bonds were ditched to cover losses in the wipeout.

Australia's benchmark fell as much as 7% and is on track for its worst week on record. New Zealand's index was last down more than 8%, its biggest ever intraday drop, it said.

JF Apex Securities Research said US markets plunged nearly 10% overnight after triggering the circuit breaker as fears of coronavirus intensified.

It said that similarly, European stocks tanked 11% after the European Central Bank did not cut interest rates as expected by the market.

“On the local market, the FBM KLCI plunged 24.40 points to 1419.43 points.

“Following the bearish sentiment in global markets, the FBM KLCI could extend its selldown towards the support of 1380 points,” it said.