KUALA LUMPUR (July 9): The FBM KLCI extended its losses for the fourth day running today and looked set to dip to its lowest level in a year.

At 9am, the FBM KLCI fell 8.57 points to 1,687.26.

The top losers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Lafarge Malaysia Bhd, MISC Bhd, Alliance Financial Group Bhd, Time Dotcom Bhd, UMW Holdings Bhd, Hong Leong Financial Group Bhd and Tenaga Nasional Bhd.

Asian equities extended losses on Thursday as concerns over China's market turmoil spread,while the safe-haven yen shot to a seven-week high as global risk appetite ebbed, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.2 percent, hovering near a 17-month low struck the previous day, it said.

JF Apex Securities Research in a market preview today said that US markets tumbled following concerns on China and Greece amid a trading halt in New York Stock Exchange caused by technical glitches.

In contrast, it said European stocks rose after Greece submitted new proposals to its creditors.

“On the local market, the FBM KLCI tumbled 16.47 points to 1695.83 points.

“Outlook remains bearish due to uncertainties on the domestic front as well as external factors such as Greece's debt crisis and China's stock market slump.

“We expect the KLCI to move sideways with a negative bias above the support level of 1665 points after breaking below the psychological level of 1700,” it said.