Thank you all for helping me out. Immediately after I submitted my question, I browse through this site and came across some code snippet that is currently working for me. Here is what I have done:

#!/usr/bin/perl

while (<>) {
    $str .= $_;
}

@lines = split ("\n", $str);

@sorted = sort fooSort @lines;

foreach $line (@sorted)
{
    print ("$line\n");
}

sub fooSort {
    my @a = split '\|', $a;
    my @b = split '\|', $b;
    $a[0] cmp $b[0] || $b[1] <=> $a[1]
}
[download]

The above achieves what I wanted.
I will also try out some of the suggestions given by others. Thank you again for your help.

regards,
vincent