KUALA LUMPUR: Bursa Malaysia was a sea of red following the overnight decline on Wall Street on selling pressure in oil and chip stocks.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.02 points to 1,639.95, compared with Tuesday's close of 1,641.97.
The benchmark index opened 1.83 points higher at 1,643.80.
On the broader market, decliners outnumbered gainers 217 to 101, while 247 counters remained unchanged.
Turnover was at 108.05 million units, valued at RM72.96 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI managed to close higher yesterday after a choppy session attributed to late buying activities.
However, he noted that market undertone remained cautious as defined by the low volume traded at below the 3 billion shares level.
In the absence of any positive catalysts, we expect the index to hover within the 1,630-1,650 range today," he told Business Times.
Meanwhile, Thong said Wall Street closed lower as US stocks took a breather following the recent rally as traders are analysing recent earnings reports.
He added that as such, the Dow Jones Industrial Average (DJIA) lost 325 points while the Nasdaq declined by 187 points as the US 10-year yield eased slightly to 4.034 per cent.
"The Hong Kong market closed sharply lower as the HSI ended near the 20,000 threshold following China's weak economic data underscoring the need for more stimulus to prop up the Chinese domestic demand."
"Crude oil prices continued to weaken on concerns over demand as the Brent crude is currently trending at US$74 per barrel," he said.