KUALA LUMPUR (June 16): The FBM KLCI extended its losses in early trade today, in line with the subdued regional markets following the overnight lower close at Wall Street and European markets.

At 9.10am, the FBM KLCI was down 2.76 points to 1,719.40.

The top losers included Petronas Gas Bhd, Syarikat Takaful Malaysia Bhd, Cahya Mata Sarawak Bhd, Tenaga Nasional Bhd, IFCA MSC Bhd, My E.G. Services Bhd, Hartalega Holdings Bhd am SapuraKencana Petroleum Bhd.

Asian stocks were subdued early on Tuesday as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the U.S. Federal Reserve's monetary committee starting later in the session also counselled caution, according to Reuters.

Global equity markets have felt a pinch after talks between Athens an its creditors broke down over the weekend, with Greece only having two weeks before it has to repay 1.6 billion euro to the International Monetary Fund. Sentiment soured further on Monday as both sides hardened their stance, it said.

JF Apex Securities Research in a market preview today said US markets ended lower following a cautious mood ahead of the two-day Federal Reserve meeting later today and the collapse of Greece debt talks.

Similarly, it said European stocks plunged on potential Greece default.

“On the local market, the FBM KLCI dropped 12.21 points to 1722.16 points following a last minute dive.

“Immediate outlook remains bearish with support seen at 1715 and 1706 points due to unresolved Greece debt situation,” it said.