FBM KLCI stays in the red at midday

KUALA LUMPUR: The FBM KLCI stayed in the red at midday as a risk-off mood entered equity markets following Wall Streets sharp sell-off overnight.

At 12.30pm, the key index was down 5.02 points to 1,520.71.

The broader market was neutral with 378 gainers compared to 385 decliners.

Among blue-chips, most counters were negative, led lower by bank counters including Maybank down six sen to RM8.26, Public Bank falling one sen to RM4.22, CIMB slipping two sen to RM5.25.

Telcos drifted lower led by Axiata falling four sen to RM3.82, Digi dropping two sen to RM3.86 and Maxis shedding seven sen to RM4.26.

Press Metal bucked the trend amid expectations of strong earnings results, climbing 11 sen to RM6.21.

Top traded stocks on Bursa included DNeX up two sen to RM1, NCT rising 1.5 sen to 55.5 sen and Hibiscus Petroleum gaining five sen to RM1.05.

Meanwhile, positive earnings in Amazon led US futures higher, helping to firm up equities prices in Asia.

However, the continued rally in oil prices added to inflation concerns and expectations of rate hikes among the world's central banks.

Japan's Nikkei gained 0.4%, South Korea's Kospi rose 1.1% and Hong Kong's Hang Seng climbed 2.7% as it played catch up after reopening from its Lunar New Year holiday.

Australia's ASX200 rose 0.1%

Mainland China's stock exchange however remained closed for holidays.