KUALA LUMPUR (March 10): The FBM KLCI bucked the trend at regional markets and ticked up in early trade on some mild bargain but broader market sentiment remained fragile with losers outpacing gainers.

At 9.0.5am, the FBM KLCI rose 3.04 points to 1,427.20.

The gainers included MISC Bhd, Petronas Chemicals Group Bhd, Mi Technovation Bhd, Westports Holdings Bhd, Public Bank Bhd, CIMB Group Holdings Bhd, Yinson Holdings Bhd, Digi.com Bhd and JF Technology Bhd.

Reuters said Asian markets skidded again on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, but the selling was restrained by hopes for cooordinated policy action to quell the panic.

Speculation of more central bank rate cuts and possible fiscal stimulus saw U.S. Treasury yields edge up from historic lows, and oil prices paused after the steepest fall since the 1991 Gulf war, it said.

Meanwhile, it said oil prices rose by more than $1 on Tuesday after a price war by top producers Saudi Arabia and Russia sparked the biggest daily rout since the 1991 Gulf War, but investors saw little chance of a quick price recovery as the coronavirus cuts demand.

JF Apex Securities Research said US markets plunged over 7% overnight following news of an oil price war and the coronavirus continues to spread.

It said that earlier in the day, European stocks tanked as oil prices crashed after OPEC and its allies failed to agree on a production cut.

“On the local market, the FBM KLCI plunged 58.94 points to 1424.16 points, its lowest since October 2011.

“Following the bearish performances in global markets, the FBM KLCI could extend its selldown towards the support of 1370 points,” it said.