A dealer said sentiment in the market was clouded by the lower overnight performance of Wall Street coupled with a sharp drop in crude oil prices and as global trade war worries continued.
Meanwhile, the local note traded higher against other major currencies.
It blames this on sharp fall in selling prices of palm products and an increase in operating expenditure.
A dealer said the better Bursa Malaysia performance today came as investors anticipate the US-China trade talks to bring about a positive direction for global trade.
The market was closed on Tuesday in conjunction with the Hari Raya Aidiladha celebration.
A dealer said the better Bursa Malaysia performance today was also in line with Asian peers as traders shrugged aside a fresh retreat for the Turkish lira.
FBM KLCI index is anticipated to trend higher today on bargain hunting, mainly in lower-liner stocks, with investors looking for attractive and cheap stocks to nibble.
The Ringgit opens higher following a week of weakening against the greenback.
Bank Islam chief economist says investors preferred to stay on the sidelines rather than establish a new position in equities.
Kenanga Investment Bank Bhd said that should the market sentiment continue to improve, resistance could be identified at the 1,800 level and possibly 1,830.
A dealer said traders were holding back as Washington will be resuming trade talks with Beijing next week.
Trade war concerns have reportedly weighed heavily on Wall Street and the European stock markets, resulting in Bursa Malaysia's weak opening.
It was said that despite the current episode of trade tensions and recent lira crisis which have caused volatility in the market, Malaysia's domestic macroeconomic fundamentals remain solid.
Current investors were said to be worried about the contagion affecting emerging market currencies, which saw a move to a safe haven.
Public Investment Bank Bhd said the FBM KLCI is expected to experience a moderate pullback above the support level of 1,762, which is deemed healthy should the dampened sentiment persist.
The dealer said an increase in oil prices would cushion any impact on the ringgit.
Kenanga Investment Bank Bhd said technically, the FBM KLCI had been on a bullish run since mid-July.
A dealer said the ringgit to US dollar exchange may also be reduced due to the US Federal Reserve increasing interest rates.
Maybank Investment Bank Bhd said the mixed Wall Street performance overnight despite positive sentiment over strong corporate earnings had placed investors on the sidelines.
FXTM Global Head of Currency Strategy & Market Research, Jameel Ahmad said concerns over the trade war between the United States and China remained rampant, if not escalating even further.
A dealer said traders were worried that lower global oil prices would reduce the country’s revenue from the oil and gas sector, on top of persisting jitters surrounding external trade.
Maybank Investment Bank Bhd said weakness in overnight US markets, the fall in crude oil prices, coupled with renewed concerns over trade tensions, weighed on sentiment today.
Against other major currencies, the ringgit traded mixed.
Maybank Investment Bank Bhd expected investors to turn risk-on today with US stocks approaching a fresh all-time high.