Foreign funds net buyers in week ended Oct 9

KUALA LUMPUR: Foreign funds were net buyers on Bursa Malaysia in the week ended Oct 9 with net buying at RM783.4mil, of which net buying was RM384.9mil on Friday itself, according to BIMB Securities Research.

It said on Monday local funds took profit in the week with net selling at -RM595.80mil and net selling –RM346.5mil on Friday.

Retailer funds also jumped on the bandwagon to lock in gains with net selling at –RM187.6mil in the week and –RM38.3mil on Friday.

On the European markets, BIMB Research said European equities closed firmly higher on Friday, after minutes from the Federal Reserve indicates the US central bank is in no rush to raise interest rates amid slowing global growth and low inflation. 

Wall Street also ended higher, fuelled by a sharp rebound in commodity prices and strong rally in global equity markets. 

The DJIA and S&P500 gained 0.20% and 0.07% respectively to end at 17,084.49 and 2,014.89 respectively. 

In earlier trading, stock markets across Asia rallied following dovish minutes from the US Federal Reserve, easing investor interest rate fears. 

At Bursa Malaysia, the FBM KLCI gained 14.34 points or 0.85% to 1,706.54, lifted mainly by O&G and plantation counters. Trading participation saw net buying by foreign institutions while local institutions and retail were net sellers. 

“We reckon the local market to remain positive today due to improved global sentiment and the returning of foreign investors and expect the index to hover around 1,715 to 1,720,” it said.