The S&P/ASX 200 closed lower Wednesday, dropping 20.10 points or 0.28% to 7,235.90.
GUD Holdings was down 10% and Pro Medicus dropped 7.2%. Rare earths miner Lynas Corp soared to a record high on no specific news.
The index has lost 2.21% in the past five days, but has gained 9.85% in the year to date.
The Nikkei is up 0.8%, Shanghai is 3 points higher and Hong Kong is up 1.5%, with investors assessing omicron covid variant concerns.
US futures are trending higher, indicating gains at the open.
WTI crude oil bounced back above $US67 a barrel, after a dip below $US65, on concerns about demand if omicron takes off through the world, causing lockdowns or border closures and hitting travel plans.
OPEC will meet on Wednesday ahead of another meeting with its allies on Thursday. The group is widely expected to pause plans to add 400,000 barrels per day of supply in January due to demand and supply factors.
The Australian dollar is currently trading around US71.68c, slightly stronger against the US dollar.