KUALA LUMPUR (June 25): The FBM KLCI edged lower on some mild profit taking on select blue chips as regional markets held steady ahead of the meeting of European Union leaders to hammer out a deal for Greece to avoid its debt default.

At 9.01am, the FBM KLCI shed 2.05 points to 1,729.63.

The top losers included British American Tobacco (M) Bhd, Carlsberg Brewery (M) Holdings Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, UEM Edgenta Bhd, IOI Corporation and Genting Bhd.

U.S. stock futures and the dollar were steady in early Asian trade on Thursday, with investors on ice ahead of a meeting of European Union leaders later in the session as Greece continued its last-minute efforts to avert a default, according to Reuters.

Athens's talks with creditors bogged down on details, with next week's deadline to repay 1.6 billion euros to the International Monetary Fund looming and threatening to trigger the country's removal from the euro zone, it said.

Hong Leong IB Research in a market preview today said that following recent technical rebound from a low of 1714.2 (18 June), the FBM KLCI was in the midst of reclaiming above the downtrend line (now at 1732) from year-to-date high of 1867.5 (27 Apr).

“However, given the lack of fresh catalyst and nagging domestic issues, first-half window dressing activities are the only potential domestic catalyst visible to move the benchmark index higher from a grossly oversold market.

“Key resistances are 1746-1769 whilst supports fall on 1700-1718 zones,” it said.