KUALA LUMPUR (March 17): The FBM KLCI tumbled 5.42% in early trade this morning as sentiment remained negative following the overnight plunge at Wall Street.  

At 9.0.5am, the FBM KLCI fell 65.89 points to 1,214.74.

The early losers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, Carlsberg Brewery Malaysia Bhd, Aeon Credit Service (M) Bhd, Ajinomoto (M) Bhd, Panasonic Manufacturing Malaysia Bhd, LPI Capital Bhd, Fraser & Neave Holdings Bhd and Heineken Malaysia Bhd.

Reuters said most Asian shares fell on Tuesday a day after Wall Street's historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth.

MSCI's broadest index of Asia-Pacific shares outside Japan gave up early gains to trade 0.43% lower. Japan's Nikkei stock index slid 2.79% and South Korea's KOSPI was off 3.2%. Australian shares were up 0.5% although this followed a massive plunge of almost 10% on Monday, it said.

JF Apex Securities Research said US markets plunged over 12% overnight despite the Federal Reserve's monetary stimulus as President Donald Trump said the outbreak could last until August and the US might head into recession.

It said that earlier, European stocks tumbled over 5% after Spain imposed a 15-day lockdown.

“On the local market, the FBM KLCI plunged 64.12 points to 1280.63 points.

“Following the bearish performances in the US and Europe, the FBM KLCI could extend its selldown towards the support of 1240 points,” it said.