KUALA LUMPUR: Investors took profit from the domestic market on Friday after the recent surge in equities prices, coupled with a negative performance on Wall Street.

       Key US inflation data released yesterday showed a higher-than-expected increase in consumer prices, which is expected to lend support to the US Federal Reserve's interest rate hike measures.

       The three US major indices fell between 1.5% and 2.1% as bond yields jumped in anticipation of aggressive rate hikes.

       "After delivering two days of sturdy performances, investors’ attention now has shifted towards the upcoming release of 4Q21 GDP data later today in order to assess the pace of economic recovery.

       "Amid the renewed volatility on Wall Street overnight, we reckon that profit taking activities may take shape amid the mounting concerns over the pace of interest rate hikes for the US in 2022," said Malacca Securities Research in a report.

       The research firm noted that the lower liners are also turning choppier after enjoying a decent run since end-January 2022.

       At 9.05am, the FBM KLCI fell 5.11 points to 1,564.99. The market breadth was negative with 288 decliners compared to 86 gainers.

       The pullback was seen across sectors with banks retracing some of its recent gains after a strong rally over the previous two days.

       Maybank dropped four sen to RM8.51, Public Bank lost one sen to RM4.34, CIMB shed four sen to RM5.50 and Hong Leong Bank dipped two sen to RM19.98.

       Press Metal however, one of the leading gainers of recent days, defied the selling pressure and put on a further four sen to RM6.72.

       Petronas Chemicals also remained buoyed on elevated crude oil prices, adding two sen to RM9.13.

       In plantations, Sime Darby Plantation shed six sen to R3.86 while Kuala Lumpur Kepong gained eight sen to RM22.82.

       Technology counters, which had tracked the Nasdaq higher on a rebound, returned to a slide as the tech-heavy US index plunged overnight on news of the higher inflation rate.

       MPI fell 70 sen to RM38.88, D&O Green Technology dropped 15 sen to RM4.96 and Frontken shed nine sen to RM3.30.

       Among most actives, VC rose 0.5 sen to 8.5 sen, DNeX gained one sen to RM1.08 and KNM put on one sen to 16.5 sen.