KUALA LUMPUR: Heavy selling pushed the FBM KLCI lower on Monday in line with the performance of regional markets amid escalating Russia-Ukraine crisis.

       At 5pm, the KLCI tumbled 31.38 points or 1.96% to 1,572.56 after moving between 1,606.56 and 1,565.57 throughout the day.

       Market breadth turned negative as losers overpowered the gainers on a ratio of 1,085-to-152 stocks. Trading volume was brisk at 4.35 billion shares valued at RM3.75bil.

       Dealers said Russia's invasion of Ukraine had heightened uncertainty over the outlook for this year. They expect trading to be volatile on the local bourse given the on-going external geopolitical developments.

       Oil prices soared to US$130 a barrel after U.S. Secretary of State Antony Blinken said on Sunday that the U.S. and European allies are exploring banning Russian oil imports and delays in Iranian talks, Reuters reported.

       Brent crude was up US$7.22 to US$125.33 a barrel while US crude oil added US$7.31 per barrel to US$122.99.

       On Bursa Malaysia, MPI tumbled RM1.86 to RM30.86, Batu Kawan shed 70 sen to RM26.20, F&N lost 66 sen to RM21.60 and Panasonic Manufacturing eased 66 sen to RM27.38.

       Nestle added 50 sen to RM135.90, Chin Hin gained 19 sen to RM2.83 and PMB Technology rose 12 sen to RM15.70.

       Tomei advanced 11 sen to RM1.20 and Poh Kong gained eight sen to 94.5 sen.

       Reuters reported that gold prices scaled the US$2,000 level for the first time in 1-1/2 years, as investors rushed to the safety of the metal

       Spot gold was up 0.5% to US$1,977.89 per ounce, as of 0620 GMT, after scaling its highest since Aug. 19, 2020 at US$2,000.69 earlier in the day.

       Elsewhere in the region, Japan’s Nikkei 225 has plummeted by 2.94%. South Korea’s Kospi closed down 2.29%, China’s Shanghai Composite was down by 2.17%, while Hong Kong’s Hang Seng tumbled 3.87%.