FOREIGN investors continued to dispose of equities on Bursa Malaysia last week, net selling at an 18-week high of -RM1.10 bil last week (Sept 30-Oct 4) after having amassed a net outflow of RM527.0 mil the week prior.
They net sold every trading session of last week with selling activity having occurred unabated for 10 consecutive days, according to MIDF Research.
“The strongest net selling peessure was observed on Friday (Oct 4) at -RM321.8 mil,” the research house pointed out in its weekly fund flow report.
“The sectors that recorded net foreign inflows were plantation (RM27.5 mil), property (RM20.9 mil) and energy (RM10.0 mil) while the sectors that were net sold were financial services (-RM553.3 mil), utilities (-RM159.5 mil) and consumer products & services (-RM132.3 mil).”
On the contrary, local institutions net bought for the fourth week in a row at RM1.02 bil. As opposed to foreign investors, they have been net buying for 10 straight trading days.
Likewise, local retailers too, continued playing their role in supporting the market with second straight week of net purchasing at RM79.8 mil. They only net sold -RM31.8 mil on Tuesday (Oct 1) but net bought for the rest of the week.
The average daily trading volume (ADTV) declined across all investor classes last week. Foreign investors recorded a decline of -14.0% while local retail investors and local institutional investors posted declines of -9.6% and -6.5% respectively.
In comparison with another four Southeast Asian markets tracked by MIDF Research, the Philippines recorded its eighth consecutive week of net inflows at US$35.2 mil last week, followed by Vietnam with US$17.9 mil after a brief net selling of -US$19.5 mil the week prior.
However, Thailand recorded its second week of net selling at a 28-week high of -US$259.8 mil as foreign investors net sold every trading session last week while Indonesian equities experienced a second straight week of net outflows at -US$318.9 mil.
The top three stocks with the highest net money inflow from foreign investors last week were Capital A Bhd (RM31.3 mil), Leong Hup International Bhd (RM19.8 mil) and IOI Corp Bhd (RM19.4 mil). – Oct 7, 2024
