At 9.05am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 1.58 points at 1,495.35 from Tuesday's close of 1,496.93.
It opened slightly higher but retreated afterwards as market uncertainty remained due to concerns over the impact of the Covid 19 Omicron variant and tracking Wall Street’s negative overnight performance.
The index opened 1.14 points at 1,498.34.
On the broader market, investors saw losers outnumber gainers by 237 to 95, while 205 counters were unchanged, 1,740 untraded and 22 suspended.
Total turnover at 159.46 million units worth RM82.82 million.
A note issued by Malacca Securities Sdn Bhd stated the local bourse may remain taking into account the government’s decision to bar tourists from 8 countries with a confirmed case of the Covid-19 Omicron variant.
Among the 8 countries are South Africa, Botswana, Swaziland, Losetho, Mozambique, Nambia, Zimbabwe and Malawi.
However, the weakness may be offset by Malaysia's improved November Purchasing Management (PMI) index which has signaled an improvement in operating conditions.
In terms of commodities, crude oil prices remained low but crude palm oil prices experienced a modest rebound.
The technical outlook recorded the next support level for the index located at 1,480 while resistance was pegged along 1,515-1530.
Heavyweights saw Malayan Banking Bhd (Maybank) and Tenaga Nasional Bhd (TNB) gain 1 sen each at RM7.96 and RM9.23 respectively, Public Bank Bhd, Petronas Chemicals Group Bhd (PetChem) and CIMB Group Holding Bhd remained at RM3.19, RM8.50 and RM5.03 while IHH Healthcare declined 6 sen to RM6.51.
Active stocks saw Impiana Hotels Bhd rise 0.5 sen at 8.5 sen, TH Heavy Engineering Bhd fell 4.5 sen at 2 sen and KNM Group Bhd remained at 16 sen.
On the index board, the FBM Emas index declined 15.12 points at 10,953.67, the FBMT 100 index contracted 13.60 points at 10,615.65 and the FBM Emas Shariah index declined 23.09 points at 11,955.37.
FBM 70 declined 27.66 points at 14,341.22 and FBM ACE added 16.08 points at 6,481.70.
The Products and Services Industry Index declined 0.39 points at 194.02, the Financial Services index rose 10.47 points at 14,938.84 and the Plantation index fell 8.91 points at 6,428.52.
