At 9.05am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 7.63 points at 1,506.35 from Tuesday's close of 1,513.98.
It opened lower following a significant overnight loss track on Wall Street.
The index opened 6.50 points at 1,507.48.
On the broader market, investors saw losers outpacing gainers by 284 to 116, while 199 counters were unchanged, 1,678 untraded and 21 suspended.
Total turnover at 220.14 million units worth RM163.42 million.
A note issued by Malacca Securities Sdn Bhd stated losses on Wall Street had affected the local market due to concerns about the development of the Covid-19 variant.
Brent crude oil price fell 3.91% to US $ 70.57 or RM296.50 per barrel and crude palm oil price fell 4%.
He added that investors may be looking for opportunities in the year -end window in December while rubber glove stocks are actively trading due to Omicron variant concerns.
The technical outlook noted the support level is located at 1,500 and the next resistance level is pegged along 1,535-1,560.
Heavyweights saw Malayan Banking Bhd (Maybank), Public Bank Bhd and Tenaga Nasional Bhd (TNB) decline to RM7.97, RM3.39 and RM9.23 respectively, Petronas Chemicals Group Bhd (PetChem) declined 6 sen to RM8 .44 and CIMB Group Holdings Bhd declined 15 sen to RM5.03 while IHH Healthcare Bhd rose 2 sen to RM6.60.
Active stocks saw BCM Alliance Bhd rise 0.5 sen at 5.5 sen, ATA IMS Bhd declined 2 sen at 43 sen and XOX Bhd remained at 3 sen.
On the index board, the FBM Emas index declined 55.14 points at 11,028.64, the FBMT 100 index contracted 51.11 points at 10,718.46 and the FBM Emas Shariah index declined 64.64 points at 12,063.98.
FBM 70 lost 56.13 points at 14,385.49 and FBM ACE added 2.75 points at 6,532.69.
The Products and Services Industry Index declined 0.71 points at 194.33, the Financial Services index fell 64.48 points at 14,970.03 and the Plantation index fell 27.69 points at 6,404.95.
