KUALA LUMPUR: The FBM KLCI was slightly lower at midday amid the soft investor sentiment as the US Federal Reserve's stance on interest rate hikes grew increasingly aggresive.

       At 12.30pm, the benchmark index was down 0.31 point to 1,598.01. The overall market was bearish with 529 decliners outpacing 308 gainers.

       Technology stocks were the most hard-hit, in line with the sharp selling on the Nasdaq in recent days as fund managers price in increasingly aggressive rate hikes.

       The Kuala Lumpur Technology Index fell 2% to erase gains made over the last two sessions.

       Amid broad-based selling in the sector, D&O fell 19 sen to RM4.01, MPI dropped 64 sen to RM31.86 and Greatech slid 14 sen to RM3.98.

       On the FBM KLCI, blue chips on the backfoot included Petronas Chemicals down eight sen to RM10.30, Press Metal falling 14 sen to RM6.45 and Kuala Lumpur Kepong dropping 28 sen to RM28.

       Meanwhile, top actives were Technax flat at 10.5 sen, Widad unchanged at 36.5 sen and Ta Win down 0.5 sen to 15.5 sen.

       Reacting to the Fed chairman's confirmation of a speedier pace of interest rate increase, Asian markets continued their slump.

       Japan's Nikkei fell 1.8%, South Korea's Kospi dropped 1% and China's composite index lost 0.1%.

       Hong Kong's Hang Seng slid 0.6% and Australia's ASX200 dove 1.5%.