Bursa Malaysia started the day on a positive note following China's announcement of new stimulus to boost high-quality economic development.
At 12:30 noon, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.18% or 2.98 points to 1,667.39 compared to Tuesday's closing figure of 1,670.37.
The overall market turned negative with losers outpacing gainers at 660 versus 388 and 435 counters remaining unchanged.
Rakuten Trade Sdn Bhd's vice president of equity research, Thong Pak Leng said the FBM KLCI closed positively but remained stuck in consolidation mode.
He also said that he thinks the index needs to break through the 1,680 level firmly to continue its challenge towards the target of 1,700.
The strengthening of the ringgit could be the main driver for the inflow of foreign capital which is in line with the widening spread between the 10-year Malaysian Government Securities (MGS) and the 10-year bond which is currently about 50 basis points.
Thong expects the index to hover around the 1,670 to 1,680 range throughout the day.
In the commodity market, Brent oil prices bounced back above $75 and crude palm oil prices surged past RM4,000 driven by China's stimulus measures.
