Boost for Bursa Malaysia with listing of Lotte Chemical Titan Holding Bhd
KUALA LUMPUR: The volatile market has spurred foreign funds, which had been net buyers on Bursa Malaysia in recent weeks, to extend their selling of Malaysian equities as the FBM KLCI hit fresh lows for this year.
BIMB Securities Research said foreign funds were net sellers on Thursday at RM-129.6mil, which was the third straight day of profit taking.
However, local institutions were net buyers at RM65.1mil and local retail investors at RM64.5mil.
The research house said European market closed mixed on Thursday as markets eyed the rebound in oil prices, after digesting earnings and the latest central bank decisions from the Federal Reserve and the BOJ.
Meanwhile, Wall Street ended sharply lower on mixed earnings and disappointing economic data. The market had been losing momentum coming into the week as the tech stocks were coming in with weaker numbers.
The DJIA ended down 1.17% at 17,830.76 and S&P500 lost 0.92% to 2,075.81 respectively.
In Asia, markets ended mostly negative, with the Nikkei 225 tumbling 3.6% as the yen strengthened against the US dollar with last trading around 108.12 yen.
The Shanghai composite was off about 0.3% while the Hang Seng closed mildly higher, 0.1% to finish at 21,388.03.
In line with the regional markets, the KLCI fell 17.58 points or 1.04% to 1,674.76. Trading participation shows net selling by foreign institutions while local retails and local institutions were net buyers.
“We expect the local market to remain negative today due to weaker sentiment following overnight losses in Wall Street with immediate support at 1,665,” said BIMB Research.
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