KUALA LUMPUR (July 10): The FBM KLCI opened lower today as investors stayed cautious on both the Greek and China factors, weighed by losses at select blue chips.

At 9am, the FBM KLCI fell 3.28 points to 1,698.26.

The top losers included UEM Edgenta Bhd, Tenaga Nasional Bhd, KLCC Property Holdings Bhd, Malaysia Steel Works (KL) Bhd, Petron Malaysia Refining & Marketing Bhd, Tan Chong Motor Holdings Bhd, Telekom Malaysia Bhd, Gamuda Bhd, AMMB Holdings Bhd and Malayan Banking Bhd.

US stock futures jumped and the euro gained in early Asian trade on Friday after Greece offered new reform proposals to creditors, raising hopes of a cash-for-reform deal at a weekend summit of European leaders, according to Reuters.

S&P 500 mini futures rose to as high as 2,061.75, up 1.0% from late U.S. levels. They last stood at 2,058.50, up 0.9%, it said.

JF Apex Securities Research in a market preview today said US markets pared gains and ended slightly higher due to ongoing concerns on China's stock market and Greece's debt crisis.

Meanwhile, it said European equities rallied on hopes on the new debt proposal submitted by Greece.

“On the local front, the FBM KLCI gained 5.71 points to 1,701.54 points.

“We expect the market to hover below the resistance of 1,730 points as investors remain cautious on both China and Greece,” it said.