PETALING JAYA: Foreign selloff on Bursa Malaysia saw a slow down last week as offshore investors sold a net of RM38.16 million net of local equities compared to RM348.36 million recorded in the preceding week.
According to MIDF Research’s report, the week started off on Monday with retail and local institutions as net buyers at RM17.58 million and RM31.17 million, respectively. Meanwhile, foreign funds were net sellers to the tune of RM48.75 million.
For the week, offshore investors stood as net sellers for most of the week except Wednesday and Thursday, with the largest outflow of RM124.28 million reported on Tuesday.
Retailers stood as net buyers for every day of the week except on Wednesday and Thursday.
The report revealed the largest net buying by retailers was recorded on Tuesday at RM48.72 million.
“This was not enough to propel the market to a net bought position despite net buying on Monday, Tuesday and Friday,” it said.
The research house pointed out retailers emerged as net sellers for the week with a RM4.19 million selloff, noting it is the first week retailers recorded a net selling position after nine straight weeks of inflow.
On the other hand, local institutions recorded cumulative weekly net buying to the tune of RM42.36 million, having been net buyers for the majority of the week except on Wednesday and Thursday. The largest net buying on Tuesday came to the tune of RM75.57 million.
Since the start of 2021, MIDF highlighted cumulatively, retailers have been the only net buyers of our equity market to the tune of RM12.44 billion. Meanwhile, local institutions and foreign investors were net sellers to the tune of RM9.27 billion and RM3.17 billion, respectively.
Source: The Sun Daily
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