KUALA LUMPUR, March 25 — Foreign selling on Bursa Malaysia continued on a downward trend, receding 24.4 per cent to RM313.8 million net worth of equities last week 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 United States Federal Open Market Committee indicated that three rate cuts are still in the pipeline.
“In Malaysia, Bank Negara Malaysia forecasted a growth of 4.0-5.0 per cent in 2024, supported by resilient domestic demand and an improvement in external demand,” it said in its latest weekly Fund Flow Report.
The research house said the sectors with the highest net foreign inflows were property (RM100.1 million), energy (RM21.6 million) and construction (RM14.1 million).
Sectors which 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 per cent and 3.1 per cent, respectively, while foreign investors saw a decline of 29.2 per cent. — Bernama
