At 9.15am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) plunged 4.20 points at 1,565.90 from Thursday's close of 1,570.10.
The index opened 5.80 points at 1,564.30.
It opened retreating from profits following profit -taking activity as investors took a bearish signal on the Wall Street market.
On the broader market, investors saw losers outpacing gainers by 325 to 122, while 233 counters were unchanged, 1,538 untraded and 36 suspended.
Total turnover at 354.5 million units worth RM167.08 million.
According to a note from Malacca Securities Sdn Bhd, rising concerns about rising interest rates in the United States (US) and the negative performance of Wall Street spurred profit -taking activity on the local bourse.
He added that investors were cautious and focused on the 4th quarter (4Q21) Gross Domestic Product (GDP) data on Friday to assess the pace of economic recovery.
Heavyweights saw Maybank fall 3 sen to RM8.52, Public Bank Bhd lost 2 sen to RM4.33 and IHH Healthcare Bhd declined 5 sen to RM6.50 while Petronas Chemicals rose 2 sen to RM9.13.
Active stocks saw Vortex Consolidated Bhd and DNeX add 1 sen at 9 sen and RM1.08, KNM Group Bhd rose 1.5 sen at 17 sen while Hibiscus Petroleum Bhd fell 2 sen at RM1.03.
On the index board, FBM ACE fell 68.71 points at 6,264.62, FBM 70 slipped 69.54 points at 13,709.15, FBM Emas fell 35.15 points at 11,232.46, FBMT 100 lost 35.08 points at 10,917.51 and FBM Emas Shariah withered 29.73 points at 11,930.09.
In terms of sector, the Financial Services index contracted 61.74 points at 16,220.67, the Products and Services Industry index declined 0.06 points at 209.81 and the Malay Plantation index 5.72 points at 6,882.79.
