Foreign funds net sellers in week ended Sept 4 at RM631m

KUALA LUMPUR: Foreign funds continued to sell down their stakes in Malaysian equities in the week ended Sept 4 with net selling at -RM631.5mil while they were also net sellers at -RM209.2mil last Friday itself, according to BIMB Securities Research.

Last Friday, the FBM KLCI lost 13.59 points or 0.85% to close at 1,589.16, pushed down by banking and gaming stocks. Trading participation saw net selling by foreign institutions while local institutions and retail were net buyers.

“We expect the local market to remain volatile with slight bias to down trend due to continuous selling by foreign investors and dampened global sentiment with the index hovering circa 1,580 to 1,590,” it said.

European stocks ended lower on Friday and for the week, weighed down by disappointing German manufacturing data.

Wall Street also ended lower as US jobs report was solid enough for the Fed to consider a rate hike in September. The DJIA fell 1.66% to end at 16,102.38 and the S&P500 lost 1.53% to close at 1,921.22.