At the close of trade, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.22%, or 3.26 points, to 1,451.48 from Tuesday’s close of 1,454.74.
The benchmark index, which opened 4.29 points lower at 1,450.45, moved between 1,445.23 and 1,459.86 throughout the trading session.
The overall market breadth was negative with decliners outpacing gainers 461 to 368, while 399 counters were unchanged, 1,078 untraded, and 89 others suspended.
Total turnover expanded to 2.37 billion units valued at RM1.77 billion from 2.28 billion units valued at RM1.61 billion on Tuesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI tracked key regional indices, which closed mostly lower following steep selloffs on Wall Street overnight.
He said the market sentiment turned negative as US consumer confidence crumbled to a 16-month low amid rapidly rising inflation.
“The local bourse trended in a tight range today due to lack of buying support.
“Investors are wary of external factors given the increasing regional market volatility and the uncertainty of global economic prospects,” he told Bernama.
The online equities broker said the local bourse would likely remain jittery going forward although bargain hunting may prevail in the short term.
“Hence, we expect the FBM KLCI to trend in range bound hovering within 1,440-1,460 for the remainder of the week, with immediate support at 1,430 and resistance at 1,460,” said Thong.
Among Bursa Malaysia heavyweights, Press Metal tumbled 21 sen to RM4.65, Sime Darby Plantation slid 10 sen to RM4.43, Public Bank eased four sen to RM4.42, Petronas Chemicals lost 18 sen to RM9.07, and PPB Group dropped 40 sen to RM15.70.
Maybank added one sen to RM8.65 and IHH gained two sen to RM6.50.
Of the actives, Reach Energy shed half-a-sen to 5.5 sen, Top Glove increased seven sen to RM1.12, Borneo Oil was flat at 2.5 sen, Cypark fell seven sen to 38 sen, and Hibiscus Petroleum was down four sen to 99 sen.
Sector-wise, the Financial Services Index went down 50.99 points to 16,062.87, the Plantation Index was 71.53 points lower at 6,971.64, and the Industrial Products and Services Index eased 3.28 points to 181.28.