Foreigners continue selling momentum at RM313.8 million

Foreign investors continued their selling momentum on Bursa Malaysia for the fourth consecutive week, where they net sold RM313.8 million worth of equities last week, albeit 24.4% lower than the week prior, according to MIDF Research.

In its weekly fund flow, the research house said that foreign investors were net sellers from Monday to Wednesday, totalling RM757.5 million and net bought to the tune of RM443.7 million on Thursday and Friday, following improved sentiments after the Federal Open Market Committee meeting with three rate cuts still in the pipeline.

In Malaysia, Bank Negara had forecasted a growth of 4% to 5% in 2024, supported by resilient domestic demand and an improvement in external demand.

“The sectors with the highest net foreign inflows as at Thursday were property (RM100.1 million), energy (RM21.6 million) and construction (RM14.1 million).

“Meanwhile, the sectors that recorded the highest net foreign outflows were financial services (RM272.3 million), consumer products and services (RM123.8 million) as well as utilities (RM93.2 million),” it said in a statement.

In addition, the research house remarked that the local institutions maintained their trend of net buying for the fourth consecutive week as they net bought RM442.7 million. As opposed to foreign investors, MIDF said that they net bought RM835.3 million from Monday to Wednesday and net sold RM392.6 million on Thursday and Friday.

MIDF added that the local retailers retained their net selling stance at RM128.8 million last week, net selling every day. It said that they have been net sellers for 12 consecutive trading days.