KUALA LUMPUR (July 8): The FBM KLCI fell 0.87% and to below the 1,700 point level at mid-morning today as regional markets tumbled.

At 10.01am, the FBM KLCI lost 14.77 points to 1,697.53.

The top losers included British Americn Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Lingkaran Trans Kota Holdings Bhd, AMMB Holdings Bhd and RHB Capital Bhd.

The actively traded stocks included AirAsia Bhd, Frontken Corporation Bhd, KNM Group Bhd, AirAsia X Bhd, Sumatec Resources Bhd and IFCA MSC Bhd.

The gainers included Hartalega Holdings Bhd, Tasek Corporation Bhd, Top Glove Corporation Bhd and Batu Kawan Bhd.

Asian shares tumbled on Wednesday and the safe-haven yen rallied as Chinese stocks remained in a tailspin, shaking investors already rattled by Greece's debt crisis, according to Reuters.

The drop in China extended a savage correction that has clipped 30 percent off Chinese shares since mid-June, threatening a new blow to the country's already slowing economy despite a slew of market support steps from Beijing, it said.

AffinHwang Capital Reseach said bearish global stock markets, combined with absence of local catalyst may lead the FBM KLCI to test 1700.

“Times of turbulence seen in money market, Greek struggles to solve its liquidity problem,

“Technically the local market is anticipated to be trapped in a two-month downtrend channel influenced by volatile currency and commodity markets,” it said.