KUALA LUMPUR (Feb 25): The FBM KLCI remained below the psychologically crucial 1,500-point level in early trade this morning as it dipped in tandem with losses at most regional markets, dragged including by Petronas-linked stocks.

At 9.07am, the FBM KLCI was down 4.70 points to 1,485.36.

The top losers in early trade included Dutch Lady Milk Industries Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, KESM Industries Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Nestle (M) Bhd, Petronas Gas Bhd and Hap Seng Consolidated Bhd.

Bloomberg said a sell-off that wiped out global stock gains for the year continued in Asia Tuesday amid concerns authorities around the world are struggling to keep the coronavirus from spreading. Havens including Treasuries and the yen held onto losses.

Japan opened lower after a holiday, while Australia and South Korea also fell. Futures in Hong Kong pointed to a weaker start. U.S. futures edged higher after U.S. stock benchmarks slumped more than 3%, with the S&P 500 Index dropping the most since February 2018. European stocks also tumbled, it said.

JF Apex Securities Research said US markets plunged over 3% overnight following fears of prolonged global economic slowdown as more cases of the coronavirus are reported outside China.

It said that similarly, European stocks tumbled, dragged by airlines and travel companies on concerns that the virus is spreading in Italy.

“On the local market, the FBM KLCI plunged 41.21 points to 1489.99 points.

“Following the bearish sentiment caused by the pandemic and the political uncertainty locally, the FBM KLCI remain pressured with support at 1450 points,” it said.