BURSA Malaysia saw further deceleration in net selling by offshore investors for the eighth week running with RM325.6 mil net of local equities offloaded by international investors compared to RM486 mil net disposed of in the preceding week.
In its weekly fundflow report, MIDF Research said Malaysia remained as the nation with the third smallest foreign net outflow on the year-to-date basis at RM8.45 bil in comparison with six other Asian peers that it monitored.
The foreign net selling peaked during the week on Wednesday at RM136.9 mil as cautiousness drove market sentiment after the daily Covid-19 death tolls in the US and UK reached their highest levels.
The level of foreign net selling, nevertheless, shrank to RM36.3 mil on Thursday, the lowest in a day since mid-February this year.
“Thursday’s optimism was driven by hopes that the outcome of the meeting between OPEC members and its allies will help to support crude oil prices,” said MIDF Research.
Last week, CIMB Group Holdings Bhd registered the highest net money inflow of RM12.38 million last week with its share price gained 0.57 per cent for the week, underperforming the local bourse which had a 2.02% weekly gain.
This was followed by Malaysia Airports Holdings Bhd, which recorded the second-highest net money inflow of RM6.73 mil with its share price rose 2.09 per cent higher, outperforming the local bourse which had a 2.02% weekly gain.
Meanwhile, MY EG Services Bhd saw the largest net money outflow of RM9.79 mil last week.
Tenaga Nasional Bhd recorded the third-largest net money outflow of RM7.09 mil during the week under review amidst advancing share price that may indicate a sell on strength stance among some investors. – April 13, 2020, Bernama
