First foreign outflow in 4 weeks
KUALA LUMPUR: Bursa Malaysia saw the first foreign outflow last week after four successive weeks of inflow, in line with global fund outflows from Asian markets, said MIDF Research.
It said global funds had been exiting Asia for the past four weeks, while provisional aggregate data from seven Asian exchanges suggested that investors classified as “foreign” had disposed of RM904.2 million net last week.
North Asian markets bore the brunt of selling pressure, although at a slower pace, it added.
Based on Bursa’s preliminary data that excluded off-market trades, the net amount sold by foreign investors was RM38.2 million last week.
This net attrition was much lower compared with RM297.10 million in the week ended November 17.
Foreign investors were net sellers in two out of five trading days with Tuesday, at RM143.90 million, recording the biggest amount since November 16.
MIDF Research said Tenaga Nasional Bhd (TNB) registered the highest net money inflow of RM28.69 million last week, followed by IOI Corp Bhd and Nestle (Malaysia) Bhd.
The research firm said net money inflow and retreating share prices might indicate a buy on weakness stance among some investors.
TNB’s share price, however, underperformed with a 0.12 per cent loss against the FBM KLCI, which gained 0.41 per cent during the week under review.
United Plantation, on the other hand, saw the largest net money outflow of RM12.73 million last week with its stock price closing 1.42 per cent lower.