Foreigners sell stocks worth RM1.89bil

KUALA LUMPUR: Kelington Group Bhd has secured RM181mil contracts, year-to-date, of which RM104mil came from its ultra high purity (UHP) segment.

The firm said most of the contract wins were from Malaysia, followed by Singapore, China and Taiwan.

“The contracts would be completed within six to nine months and contribute positively to the company’s financial performance for the financial year ending Dec 31, 2018 (FY2018) and FY2019,” it said in a statement.

Meanwhile, Kelington said its outstanding order book currently stood at RM285mil, whereby the UHP segment contributed the largest portion at 51%, followed by the process engineering segment at 38% and general contracting segment at 11%.

Chief executive officer Raymond Gan said the company would actively look out for new opportunities and projects to increase its order book size.

“Currently, our tender book value is at approximately RM1bil across our key operating markets,” he added.

Moving forward, he said China remained an important growth market and the company aimed to capitalise on the country’s increase in semiconductor capital expenditure spending.

“We recently clinched a few notable projects from global renowned semiconductor companies there and are confident of leveraging on our established track record to continue to secure more project orders from China,” he added. — Bernama KUALA LUMPUR: Foreign funds ramped up their selling activity last week, marking the eight uninterrupted weeks of outflows, according to MIDF Research.

“Based on preliminary data from Bursa which excluded off market deals, the net amount offloaded by foreign investors last week stood above the RM1bil level for the fifth time this year at RM1.89bil net,” the research house said in its weekly fund flow report.

As of June 22, offshore investors have been withdrawing Malaysian equities for 33 consecutive days since May 2, surpassing the 29-day selling streak recorded in early January to mid-February 2014.

MIDF said global funds sold the most on Tuesday at RM555mil net, coinciding with the FBM KLCI’s largest drop in 13 trading days at 1.61% as the US-China trade friction intensified.

Selling activity thereafter tapered below the RM400mil level on Wednesday and Thursday at RM384mil and RM264.9mil net respectively.

In spite of the gradual decline in attrition, the FBM KLCI moved in an opposite direction to slide further to the lowest close since February 2017 at 1,692 points on Thursday

We reckon that these external developments would continue to affect the pace of flows into and out of Malaysia. MIDF Research

and marked its 9th straight day of losses as Telekom Malaysia Bhd led decliners, dropping as much as 12% amid worries over a slash in broadband prices.

The FBM KLCI inched higher by 0.11% on Friday amidst window dressing activities before second quarter ends.

However, foreign selling was seen at RM444mil on the same day as the trade friction between Beijing and Washington continued to be the biggest worry amongst investors.

“We reckon that these external developments would continue to affect the pace of flows into and out of Malaysia,” MIDF said.

Foreign participation remained active despite the 23% decline in foreign average daily trade value (ADTV) as the value stood above RM1bil for the 12th week running.

MIDF said although the retail ADTV was below RM1bil for the second week at RM865mil, retailers have been entering the market for the past six consecutive weeks.