KUALA LUMPUR: The FBM KLCI remained slightly higher at midday at held on to the psychological 1,550 support despite ongoing selling pressure in global equities.

       At 12.30pm, the benchmark index was up 1.08 point to 1,550.26. The overall market was negative with 676 decliners compared to 218 gainers.

       Public Bank was a leading gainer on the index with an eight point advance to RM4.64.

       Other banks meanwhile were lower with CIMB down two sen to RM5.08, Hong Leong Bank falling 10 sen to RM20.40 and Maybank sliding one sen to RM8.99.

       Press Metal succumbed to selling pressure, sliding 15 sen to RM5.05, amid fears over softer demand as China's lockdown threatened to derail economic growth.

       Petronas Chemicals was also lower by 11 sne to RM9.89 while plantation stocks slumped on the back of Sime Darby Plantation losing 12 sen to RM4.80, IOI falling three sen to RM4.36 and Kuala Lumpur Kepong losing 50 sen ot RM26.80.

       Among top actives, Serba Dinamik continued its fall, losing four sen to seven sen on high trading volume of 290.39 million shares.

       Widad was flat at 36 sen and Hibiscus Petroleum fell five sen to RM1.32.

       In major Asian markets, stocks hovered at two-year lows as stagflation fears caused by rising interest rates and lower economic growth sent investors fleeing for cover.

       Japan's Nikkei fell 0.9%, South Korea's Kospi dropped 0.7% and China's composite index rose 0.2%.

       Hong Kong's Hang Seng however plunged 2.8% on China's slowdown fears while Australia's ASX200 lost 1.2%.