Banking, O&G and gaming sectors show strong foreign inflows - Business News | The Star Online


Banking, O&G and gaming sectors show strong foreign inflows

PETALING JAYA: The major beneficiaries of foreign fund inflows this year consist mainly of banking, oil and gas (O&G), and gaming related stocks, statistics cited by MIDF Research showed.

For the banking stocks, MIDF said the favourites were CIMB Group Holdings Bhd, Malayan Banking Bhd and Public Bank Bhd that saw inflows amounting to RM1.7bil, RM1.43bil and RM76mil respectively from the fourth quarter of last year to the second quarter of 2017.

In the O&G sector, MIDF said that players which benefited from inflows were not only the downstream players but also integrated oil and gas services providers along with shipping providers.

“Downstream players such as Petronas Chemicals Group Bhd may have attracted foreign funds partly due to high plant utilisation rate of 99%, strong average selling prices of its products which grew by 22% year-on-year and higher production and sales volume of 16% yoy,” it said.

Genting Bhd recorded the highest inflow during the period between the fourth quarter of 2016 and the second quarter of this year.