KUALA LUMPUR: Offshore funds continued to pare down their holdings of Bursa Malaysia equities with net sales of RM46.4mil.
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This represented a fourth straight week of net selling by foreign investors on Bursa Malaysia.
“The week started off on a positive note with net foreign inflows of RM9.5mil on Monday and RM81.8mil on Tuesday.
“Foreigners started net selling from Wednesday to Friday with outflows amounting to-RM137.6mil,” said MIDF Research in a note.
The research firm added that the the sectors with the most net foreign inflows were telecommunications and media (RM62.9mil), utilities (RM26.4mil) and plantation (RM12.1mil).
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Meanwhile, the sectors that saw the most net foreign outflows were financial services (RM84.5mi), industrial production and service (RM32.6mil) and construction (RM17.6mil).
Local institutions were net buyers on the market for a third consecutive week, with RM49.9mil of net inflow.
According to MIDF, the bulk of the inflow came on Friday RM72.3mil when Bank Negara announced a better-than-expected expansion of the domestic economy at 5.6% year-on-year in 1Q23.
Loal retailers however remained net sellers for a second week with RM3.6mil net of local equities sold.
In terms of participation, there was an increase in average daily trading volume (ADTV) among local retailers by 5.3%, local institutions by 16.2% and foreign investors by 30.6%. – The Star