KUALA LUMPUR: The domestic market got off on a wobbly start following the sharp decline on Wall Street overnight amid Federal Reserve tightening plans.

       US markets tumbled for a second straight day with tech stocks in particular taking a beating as the minutes of the Fed's recent policy meeting revealed the possibility of selling down US$95bil in bonds and larger rate hikes of 50 basis points ro rein in soaring inflation.

       "Given the negative performance on the Wall Street, we expect some profit taking activities may emerge on the local front, especially on the technology stocks," said Malacca Securities Research in a note.

       At 9.05am, the FBM KLCI was down 3.28 points to 1,601.44 while the broader market recorded 237 decliners compared to 127 gainers.

       Declines were seen in Maybank down three sen to RM8.86, Press Metal falling six sen to RM6.18 and MISC sliding nine sen to RM7.67.

       Meanwhile, Petronas Chemicals jumped 13 sen to RM10.12 while Sime Darby Plantation rose three sen to RM5.30.

       Tracking the Nasdaq's 2.2% slump overnight, the local tech sector saw heavy profit-taking in anticipation of headwinds from a hawkish Fed.

       MPI fell 76 sen to RM35.94, Vitrox dropped 22 sen to RM17.04 and D&O slid 14 sen to RM4.51.