KUALA LUMPUR: The domestic market turned sharply lower in morning trade as investors cashed in on overbought equities prices as energy prices pared gains on hopes of a resolution to the Ukraine crisis.

       At 12.30pm, the FBM KLCI was down 16.82 points to 1,586.23 with investors selling down shares in Press Metal and plantation stocks.

       The broader market was negative with 469 decliners compared with 239 gainers.

       Top actives were Ta Win up 0.5 sen to 19 sen, SMTrack rising one sen to 25 sen and KNM gaining 0.5 sen to 18.5 sen.

       Press Metal plunged 41 sen or nearly 6% to RM6.57, as the Ukraine crisis provided a strong impetus for investors to take profit.

       The aluminium producer had advanced about 35% since December 2021 on the back of elevated metals prices and strong demand.

       Plantation counters meanwhile also strong selling after crude palm oil prices dropped 3.45% to RM7,839.85 a tonne.

       IOI fell 18 sen to RM4.43, Kuala Lumpur Kepong dropped 76 sen to RM25.70 and Sime Darby Plantation lost 28 sen to RM4.62.

       Meanwhile, Maxis led telcos lower after falling 16 sen to RM4.26.

       In financial services, Maybank bucked the market trend by rising 12 sen to RM9.63 due to optimism over the recent positive results of its Indonesia business.

       In Asian markets, hopes of a diplomatic solution to the Ukraine crisis offered equities some support although the sentiment remained mostly negative.

       Japan's Nikkei pared heavy losses but remained 0.8% in the red, South Korea's Kospi fell 0.4% and China's composite index lost 0.4%.

       Hong Kong's Hang Seng shed 0.7% while in Australia, the ASX200 rose 0.3%.