KUALA LUMPUR: The FBM KLCI remained in the red at midday as Press Metal and IHH Healthcare dragged on the market.

       At 12.30pm, the benchmark was down 7.7 points to 1,575.28. The overall market remained negative with 728 gainers compared with 215 decliners.

       Press Metal dove 35 sen to RM5.49 to erase over four points off the index as China's zero-tolerance policy against Covid raised concerns over softer demand, while IHH Healthcare slid 14 sen to RM6.46.

       Plantation stocks were also under water with Kuala Lumpur Kepong losing 62 sen to RM28.28, IOI dropping 11 sen to RM4.61 and Sime Darby Plantation falling 10 sen to RM5.17.

       Bank stocks however bounced back from earlier losses as Maybank rose four sen to RM9.03, Public Bank gained three sen to RM4.66, CIMB added three sen to RM5.14 and Hong Leong Bank climbed six sen to RM20.76.

       Top actives on Bursa were AT Systemization unchanged at 1.5 sen, XOX down 0.5 sen at 1.5 sen and Technax rising 0.6 sen to 12.5 sen.

       Meanwhile, Asian markets tumbled on the back of Wall Street's sharp decline as investors worried over the impact of higher interest rates on economic growth.

       Japan's Nikkei was up 0.9% as it played catch up to recent regional gains after a three-day holiday.

       South Korea's Kospi dropped 1.15% while China's composite index plunged 2.3%.

       In Hong Kong, the Hang Seng dove 3.6% and Australia's ASX200 dropped 2.3%.