Net foreign buying on Bursa crosses key RM10b

Maybank saw the third highest net money inflow of RM23.53mil.

KUALA LUMPUR: Cumulative foreign net purchases year-to-date crossed the key RM10bil to reach RM10.14bil as the foreign buying streak has now stretched to 17 straight weeks, says MIDF Research.

It said on Monday that in May, total foreign net purchases amounted to RM1.47bil.

As for the week ended June 2, foreign funds remained net buyers of Malaysian stocks by virtue of the heavy purchases on Friday where they emerged as net purchasers at RM212.1mil.

To recap, MIDF Research said there was some outfl ow in the first three days of the week as the month of May came to a close. However the amount was small, not exceeding RM100m per day, reflecting incremental changes in the MSCI weightings affecting Malaysia. 

However, the selling reversed on Thursday and by Friday, foreign investors returned in full force.

For the week, foreign investors acquired RM215.8m net in the open market (excluding off-market deals), compared with RM223.7mil accumulated the week before. 

“Although the amount was still relatively modest, the foreign buying streak has now stretched to 17 straight weeks,” it said.

MIDF Research said Tenaga Nasional stocks were the beneficiary of the highest net money inflow of RM47.76mil last week. Its share price remained unchanged for the week.

The second highest net money inflow was into Public Bank which amounted to RM28.22mil. Its share price slightly underperformed the benchmark index with a 0.20% gain during the review week.

Maybank saw the third highest net money inflow of RM23.53mil. Its share price significantly outperformed the benchmark index with a 1.38% gain during the review week.

The research house pointed out Gamuda saw the largest net money outflow of -RM8.55mil last week. Its stock price outperformed the benchmark index with a 0.56% gain. 

It said the net outflow amidst declining share price indicates a sell-on-strength (SOS) stance among some investors.

Digi recorded the second largest net money outflow -RM8.05m during the week under review. Its share price underperformed the benchmark index with a -0.86% loss.

Dialog Group registered the third largest net money outfl ow at -RM7.74m. Its share price outperformed the benchmark index with a 2.09% gain. The net outfl ow amidst declining share price indicates a sell-on-strength (SOS) stance among some investors.