KUALA LUMPUR: The FBM KLCI turned lower in morning trade as the improved sentiment in global markets failed to inpire a rally on the domestic market.

       Global investor sentiment picked up as China lifted Covid-19 related restrictions and signalled it was ready to back off regulatory pressure on technology stocks.

       However, the ongoing global rate hike environment continued to pressure stocks, with investors maintaining a cautious approach.

       At 12.30pm, Malaysia's key index was down 7.51 points to 1,530.32. The market was negative with 520 decliners compared to 298 gainers.

       Trading volume was 1.56 billion shares with a value of RM826.53mil.

       Press Metal led the blue chips lower with a 14 sen to decline to RM5.22 while Petronas Chemicals dropped 11 sen to RM9.88.

       Plantation counters also subsided, led by Sime Darby Plantation losing nine sen to RM4.82, IOI falling three sen to RM3.31 and Kuala Lumpur Kepong shedding 48 sen to RM25.52.

       Bank stocks however were mixed with CIMB falling six sen to RM5.04 and Public Bank dipping two sen to RM4.56 while Maybank rose one sen to RM8.89 and Hong Leong Bank gained four sen to RM21.

       Among most actives, Yew Lee was up 0.5 sen to 28.5 sen, Green Packet rose 0.5 sen to 7.5 sen and G3 added 0.5 sen to five sen.

       Regionally, Japan's Nikkei was up 0.5%, South Korea's Kospi dropped 1.3% and China's composite index rose 0.5%.

       Hong Kong's Hang Seng fell 0.1% while Australia's ASX200 sank 1.7% as its central bank surprised the market with a 50-basis-point rate hike to 0.85%.