Foreigners sold RM892m last week

PETALING JAYA: The net amount sold by foreign investors last week amounted to RM892.4 million net, almost one third of the amount dumped in the preceding week following the 14th general election.

MIDF Research said foreign outflows from stocks listed on Bursa Malaysia continued for the fourth consecutive week albeit at a slower pace.

Monday saw international investors taking RM125.4 million net off the table. Global investors then sold off RM77.2 million net the next day as investors digested poor quarterly results of KLCI-linked companies such as Telekom Malaysia.

The momentum of foreign selling ramped up to RM286.8 million net on Wednesday, coinciding with FBM KLCI’s 2.21% daily drop, the largest since Aug 24, 2015. The selloff was mainly sparked by looming concerns on the nation’s debt level.

Thursday then saw a higher level of foreign selling at RM322.8 million net, which dragged the FBM KLCI to the lowest close since late December 2017 of 1,776 points.

Nonetheless, foreign selling shrank to as low as RM80 million net on Friday with the FBM KLCI snapping four straight sessions of losses as it settled above 1,800 points.

Foreign participation dipped as the foreign average daily trade value declined by 35% but is still considered healthy at RM1.56 billion.