KUALA LUMPUR: Investors continued to cash out on the domestic market on the first trading day of the New Year as a quiet news front and low buying interest meant it was time to lock in profits ahead of the weekend.
In its technical reading, TA Securities said the local market is poised for further profit-taking consolidation as the momentum indicators continued to weaken.
"Immediate support remains the September 2016 low of 1,645, with stronger support coming from the 76.4%FR (1,610) followed by the 61.8%FR
(1,564). Immediate resistance is kept at the October 2015 high of 1,727, with next upside hurdle coming at the 123.6%FP (1,759), followed by tougher resistance at the 138.2%FP (1,804)," said the research firm in its market commentary.
Rakuten Trade, however, sounded an optimistic tone as it said the local market, which ended the year above the 1,68- mark, has been propped up by local institutional buying.
The research firm expects the return of foreign funds, whihc would lead to more upside for domestic stocks.
"For today, we expect the index to hover within the 1,675-1,690 range," it said.
At the open, the FBM KLCO dropped 4.91 poiunts to 1,675.2. Within minutes, it extended the slump to nearly 12 points at 1,668.12.
The selling was most notable in the heavyweight banks, which had rallied in the closing days of 2025.
CIMB dropped 15 sen to RM8.10, Yabank fell six sen to MR10.42, Public Bank slid six sen to RM4.48 and AmBank dropped six sen to RM6.44.
Some other leading decliners included SD Guthrie shedding nine sen to RM5.64, Sime Darby falling eight sen to RM2.07 and IHH losing nine sen to RM8.66.
Top actives on the broader market were Mega Fortis up one sen to 90 sen, Bina Puri unchanged at 29.5 sen and Kinergy Advancement down 0.5 sen to 38 sen.
