Friday 29 Mar 2024
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KUALA LUMPUR (Nov 8): Foreign buying of Malaysian equities extended for the fifth week and jumped to RM67.94 million last week from RM1.44 million the prior week.

In its weekly fund flow report on Monday (Nov 8), the MIDF Research team said as the market reopened last Monday, local institutions and retailers were net sellers and net buyers respectively, amounting to RM329.7 million and RM314.3 million.

“Meanwhile, foreign investors were net buyers to the tune of RM14.97 million despite sentiment turning negative following the announcement of the one-off “Cukai Makmur” [under Budget 2022]. 

“It seems that foreign investors were unperturbed by the announcement and continued to be net buyers of the local market,” it said.

MIDF added that foreign investors were net buyers for the majority of last week. 

It said the largest foreign inflow was recorded last Friday and the largest outflow last Wednesday to the tune of RM87.07 million and RM94.2 million respectively.

It said retailers were net buyers every day of the week.

“The largest net buying by retailers was recorded last Monday and the smallest net buying last Tuesday to the tune of RM314.3 million and RM32.22 million respectively. 

“For the week, retailers net bought RM469.34 million worth of equities on Bursa [Malaysia],” it said.

Meanwhile, it added that local institutions recorded cumulative weekly net selling to the tune of RM536.82 million. 

MIDF said local institutions were net sellers for three days of the four-day trading week, with the largest net selling last Monday to the tune of RM329.7 million and the smallest net outflow last Tuesday amounting to RM92.06 million.

It said since the beginning of 2021, cumulatively, retailers were the only net buyers of the local equity market to the tune of RM11.17 billion.

Local institutions and foreign investors were net sellers to the tune of RM9.06 billion and RM2.11 billion respectively.

“In terms of participation, retail investors, local institutions and foreign investors recorded weekly movements of -22.04%, -10.17% and 11.25% respectively in average daily trade value,” it said.

The performance of regional markets was broadly positive last week with China, Hong Kong, Malaysia and Jakarta seeing declines on a week-on-week basis.

It said the US trade deficit rose to an all-time high of US$80.9 billion (about RM336.22 billion) in September (August: -US$72.8 billion), attributable to both an increase in imports (+0.6% month-on-month) and a reduction in exports (-3% month-on-month).

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