Bursa broadly lower, energy stocks climb

KUALA LUMPUR: The FBM KLCI was slightly lower but received support from Petronas Chemicals to stay above the psychological level of 1,600 points.

At 12.30pm, the benchmark index was down 2.35 points to 1,602.37. The overall market however was negative with 585 decliners compared to 316 gainers amid a risk-off moof in equities.

Global equities are tracking US markets lower following the Federal Reserve's minutes that indicated a more aggressive approach to monetary tightening, raising fears of slower economic growth.

In local stocks, banks turned lower with Maybank falling five sne to RM8.84, Public Bank dipping three sen to RM4.68 and CIMB shedding one sen to RM5.30.

Other laggards included Press Metal falling nine sen to RM6.15 and Nestle dropping 90 sen to RM134.60.

Energy and plantation counters went counter to the trend, as Petronas Chemicals jumped 25 sen to RM10.24, Kuala Lumpur Kepong gained 22 sen to RM26.94 and Sime Darby Plantation rose three sen to RM5.30.

In the tech sector, MPI fell RM1.18 to RM35.52, Vitrox lost 20 sen to RM8 and D&O dropped 14 sen to RM4.51.

Top actives were SMTrack up 1.5 sen to 9.5 sen, MBSB gained 1.5 sen to 65.5 sen and Vizione adding one sen to seven sen.

In major Asian markets, shares joined in the global selloff on renewed jitters over the Fed's hawkish stance.

Japan's Nikkei slumped 1.8%, South Korea's Kospi shed 1.4% and China's composite index lost 1%.

Hong Kong's Hang Seng slid 1.3% while Australia's ASX200 fell 0.6%.