KUALA LUMPUR: Foreign investors continued their net selling on Bursa Malaysia to the tune of RM20.79mil over the past holiday-shortened week.
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The net sale by offshore investors was significantly lower compared with net selling of RM187.79mil in the week before, in part owing to the Labour Day and Wesak holidays shortening the trading week to three days.
According to MIDF Research, foreign investors were nellers on Tuesday and Wednesday, but were net buyers of Malaysian equities on Friday following Bank Negara’s surprise rate hike.
Foreign investor attention turned to bank stocks following the increase in the overnight policy rate, with net purchases seen in Public Bank, Maybank and RHB Bank.
The top three sectors that saw net foreign inflows last week were telecommunications and media (RM25.2mil), transport and logistics (RM11.1mil) and Energy (RM10.9mil).
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Sectors with the most outflows were financial services (RM39.8mil), industrial products and services (RM17.3mil) and healthcare (RM15.9mil).
Year-to-date, foreigners have net sold Malaysian equities for 12 out of 18 weeks, totalling RM2.14bil.
Meanwhile, MIDF reported that local institutions remained net buyers with a total of RM53.2mil.
Local retailers turned net sellers with RM32.4mil net sold after two weeks of net buying.
In terms of participation, there was an increase in average daily trading volume (ADTV) among local institutions by 0.9% whereas retailers and foreign investors saw declines of 2% and 7.6% respectively. – The Star