Local institutions continue to net buy

KUALA LUMPUR: Local institutions continue to net buy for the second consecutive week, at an amount of RM214.7 million, more than double the amount recorded the week prior, said MIDF Research.

“They net bought RM36.7 million on Monday, RM38.4 million on Wednesday and RM222.1 million on Thursday and net sold RM67.3 million on Tuesday and RM15.2 million on Friday,” it said in its fund flow report for the week ended January 19, 2024, yesterday.

The research house said that foreign investors continued to net sell equities on Bursa Malaysia totalling –RM66.3 million last week, which was –28.8 per cent lower than the week before.

“This was due to the net selling on Wednesday and Thursday.

“However, net buying days outpaced net selling by three to two.

“On a day by day basis, they net sold RM39 million on Wednesday and RM190 million on Thursday while they net bought RM15.8 million on Monday, RM93.7 million on Tuesday and RM53.3 million on Friday,” it said.

MIDF said the top three sectors with the highest net foreign inflows were utilities (RM135.1 million), construction (RM114.6 million), and property (RM51.2 million).

“The top three sectors with the highest net foreign outflows were financial services (-RM129.2 million), consumer products and services (-RM64.8 million), and industrial products and services (-RM61.8 million),” it said.

MIDF said local retailers net sold domestic equities for the third consecutive week amounting to –RM148.4 million.

“They net sold every day of the week except on Wednesday when they net bought RM700,000,” it said.

In terms of participation, MIDF said there was an increase in average daily trading volume among foreign investors by 1.9 per cent while local retail and local institutional investors saw declines of 4.6 per cent and 4.0 per cent, respectively. — Bernama