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Bursa Malaysia's longest selling binge this year

(NST file pix) Foreign funds were the net seller of equities listed on Bursa Malaysia for the fifth week running, the longest selling binge so far this year during the holiday shortened week.

 

 

 

 

KUALA LUMPUR: Foreign funds were the net seller of equities listed on Bursa Malaysia for the fifth week running, the longest selling binge so far this year during the holiday shortened week.

Last week, foreign investors sold RM71.4 million net, higher than the RM54.2 million net recorded in the preceding week, according to MIDF Research.

The firm’s estimates were based on transactions in the open market which excluded off market deals.

“During the four-day trading week, foreign selling occurred on each day. Tuesday recorded the highest attrition for the week which amounted to RM29.1 million net as investors shifted to the sidelines to seek cover before the Deepavali holiday on Wednesday,” MIDF Research said in its weekly fund flow report today.

As the foreign net outflow persisted until Friday, Bursa’s benchmarck FBM KLCI took cue, resuming its gradual descent to end the week at 1,741 points, the lowest since April 20 after starting the week at a closing level of 1,754 points.

“It seems that the local market is showing a muted response while markets elsewhere are showing a bullish trend amid global developments such as President Donald Trump’s tax reform progress, commendable earnings on Wall Street and upbeat Chinese economic data.

“We note that although the foreign selling in Malaysia was in conformity with its Southeast Asian peers, the benchmark index in the respective peers tend to be more resilient as compared to Malaysia.”

The cumulative net foreign inflow into shares listed on Bursa as of last week currently stood at at RM9.4 billion. Nevertheless, the cumulative amount still offset about 30 per cent of the total net outflows recorded in the past three years.

Foreign participation rebounded strongly as the foreign average daily trade value (ADTV) surged by a staggering 60 per cent to reach above the RM1 billion level at RM1.27 billion, the third highest weekly amount for the year.

On the other hand, the retail market was somewhat muted as the retail ADTV was slightly unchanged, only declining by 0.04 per cent to RM995.3 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source New Straits Times