KUALA LUMPUR: Local retailers bought RM143.1 million worth of equities on Bursa Malaysia last week, putting an end to their 11-week net selling streak, according to MIDF Research.
Year to date, retailers have recorded net sales amounting to RM622.6 million, it said.
Meanwhile, foreign investors turned to net sellers last week with sales amounting to RM44.7 million following two weeks of net buying, the research house said in a report yesterday.
The top three sectors with net foreign inflows for the week were utilities (RM86.7 million), technology (RM34.9 million) and property (RM30.7 million).
Meanwhile, the top three sectors that recorded net foreign outflows were financial services (RM75.7 million), consumer products and services (RM41.3 million) and healthcare (RM33.3 million), it said.
MIDF Research said local institutions continued their net selling trend for the third consecutive week with net sales of RM98.5 million.
“The bulk of the outflow took place on Tuesday, coinciding with the release of Malaysia’s Producer Price Index (PPI) data.
“The PPI showed an improvement for the second consecutive month, with a slower contraction of 1.8 per cent in August 2023 as compared with July 2023 at 2.3%,” it said.
Local institutions have been net buyers year to date, accumulating RM2.59 billion, the research house said.
In terms of participation, there was an increase in average daily trading volume among foreign investors by 3.9% last week, while local retailers and local institutions saw a decrease of 6.2% and 9.2%, respectively.
MIDF Research also said that based on the countries that it monitored, only Malaysia saw a net inflow of US$143.4 million (RM675.4 million) in September, while the remaining seven countries experienced net outflows.
“Taiwan had the most substantial outflow, amounting to US$5.89 billion,” it added. – Bernama