KUALA LUMPUR: The local bourse slid on Friday as investors prepared for rate hikes following the latest U.S. inflation data.

       At closing, the FBM KLCI ended 12.31 points lower, or 0.78% to 1,568.22. For the week, the benchmark index closed 35.72 points lower.

       There were 450 gainers, 449 losers and 413 counters traded unchanged on the Bursa Malaysia. Turnover stood at 2.41 billion shares valued at RM2.27bil.

       Dealers said the latest US inflation data cemented expectations of rate hikes globally and could lead to a more hawkish tone in the Federal Open Market Committee (FOMC).

       According to a Bloomberg survey, 63 out of 67 economists expect the Fed to kickstart the rate hike cycle in the March FOMC with a 25 basis points (bps) hike to the Fed funds target rate (FFTR) range of 25-50bps.

       On Bursa Malaysia, Nestle was the top gainer, jumping 70 sen to RN136.20, followed by Hong Leong Financial Group, which rose 40 sen to RM19.64, Berjaya Food, which added 23 sen to RM3.29 and Genetec, which climbed 22 sen to RM2.10.

       Malaysian Pacific Industries shed RM1.02 to RM32.04, F&N lost 52 sen to RM21.62, Heineken eased 50 sen to RM21.26 and Aeon Credit fell 40 sen to RM13.40.

       Among the banks, Maybank lost four sen to RM8.91, Public Bank eased four sen to RM4.40, CIMB added two sen to RM5.05, RHB Bank fell two sen to RM5.81 and Hong Leong Bank gained 14 sen to RM20.30.

       On the external front, Japan’s Nikkei 225 closed down 2.05% to close at 25,162.78 while South Korea’s Kospi ended 0.71% lower at 2,661.28.

       Hong Kong’s Hang Seng index was down 1.61%, at 20,553.79.

       China’s CSI300 index closed up 0.32% at 4,306.52 points while the Shanghai Composite index was up 0.41% at 3,309.75 points.