Foreign funds extend buying interest on Bursa

KUALA LUMPUR: Foreign funds continued to pick up shares on Bursa Malaysia on Thursday with net buying at RM120.7mil on Thursday, according to BIMB Securities Research.

It said on Friday local funds were net sellers at RM89.3mil and retailers also locked in profit with net selling at RM31.4mil.

BIMB Research said Wall Street gained as minutes from the Feds indicated no signs of any hike in rates over the immediate term. The DJI Average jumped 138.46 points to breach the 17,000 mark at 17,050.75. 

In Europe, stocks closed the day firmer despite investors remained wary of the global economic health. In Asia, equities took a breather following a solid performance recently. 

However, the FBM KLCI managed to buck the Asian peers to added 2.95 points to 1,692.20, boosted by another net foreign inflow of RM120.7mil, said the research house.

“We expect the buying momentum of the local bourse to persist and may carry the index to beyond the 1,700 mark,” it said.