PETALING JAYA: Foreign investors maintained their selling momentum on Bursa Malaysia for the fourth consecutive week, where they net sold (–RM313.8 million) worth of equities, which was 24.4% lower compared to RM415.1 million the week before.
MIDF Research said foreign investors were net sellers from Monday to Wednesday, disposing of RM757.5 million worth of equities.
However, they turned into net buyers on Thursday and Friday, picking up RM443.7 million worth of equities on Thursday and Friday as sentiments improved after the US Federal Open Market Committee indicated that three rate cuts are still in the pipeline.
“In Malaysia, Bank Negara Malaysia forecasted a growth of 4%-5% in 2024, supported by resilient domestic demand and an improvement in external demand,” it said in its latest weekly fund flow report.
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Sectors that recorded the highest net foreign outflows were financial services (RM272.3 million), consumer products and services (RM123.8 million), and utilities (RM93.2 million).
Meanwhile, local institutions remained net buyers for the fourth consecutive week at RM442.7 million.
“They net bought RM835.3 million from Monday to Wednesday and net sold RM392.6 million on Thursday and Friday.
“Local retailers retained their net selling stance at RM128.8 million last week, net selling every day. They have been net sellers for 12 consecutive trading days,” it noted.
In terms of participation, the average daily trading volume rose among retail and institutional investors by 2.6% and 3.1%, respectively, while foreign investors saw a decline of 29.2%.
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