The FBM KLCI lost another 12.09 points to 1,454.8 by midday, and the index continued to shed weight after breaking down from its consolidation channel.
Amid the heightened political uncertainty on the domestic front, investors are anxious over Bank Negara's interest rate decision and the tabling of Budget 2021.
The US elections will also take place this week, with the result determining if President Donald Trump will sit for a second term.
On Bursa Malaysia, 774 stocks were in the red while 197 rose.
"We reckon the extended volatility may take place this week as investors' sentiment remains cautious.
"The lower liners are expected to remain on a choppy mode as investors prefer to adopt the wait and see approach before taking risks," said Malacca Securities Research.
Following last Friday's bearish turn, the research house has lowered its support levels for the index to 1,450 and 1,430. Resistance levels are now located at 1,500 to 1,525, it said.
Among individual counters, the financial heavyweights were seen dipping into the red. Maybank lost two sen to RM6.98, Hong Leong Bank dropped six sen to RM14.74 and Public Bank fell two sne to RM15.06.
Glove counters continued to lose weight with Top Glove sliding 37 sen to RM8.20 and Hartalega giving up 12 sen to RM17.88.
Among the top actives, Lambo fell 0.5 sen to 2.5 sen, AT Systemisation dropped one sen to nine sen and GDex jumped 3.5 sen to 41 sen.
Meanwhile, Asian markets saw some relief from upbeat China factory data.
While Shanghai's Composite Indsex slipped 0.1%, Hong Kong's Hang Seng rose 0.9% and Japan's Nikkei was up 1.4% and South Korea's Kospi climbed 1.2%. Australia's ASX200 gained 0.4%.
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