KUALA LUMPUR: Foreign funds again started to reduce their shareholdings of equities on Bursa Malaysia in the week ended Nov 17, with net selling rising to RM300mil, according to MIDF Research.
It said on Monday the net selling rose to RM297.10mil, the highest weekly attrition recorded in seven weeks. The estimates made are based on transactions in the open market which excluded off market deals.
Due to the intense foreign selling last week, the cumulative year-to-date inflow fell to RM9bil from RM9.31bil in the week before.
“Nonetheless, year-to-date inflow still offset approximately 31% of the total net outflow from 2014 to 2016,” it said.
CIMB registered the highest net money inflow of RM12.11mil last week. Its share price however lagged with a -2.91% loss against the FBM KLCI which declined by -1.18% during the week.
“Net money infl ow amidst retreating share price may indicate a buy on weakness (BOW) stance among some investors,” it pointed out.
Genting Plantations recorded the second highest net money infl ow of RM5.91mil. Nevertheless, its share price underperformed against the market benchmark with a rather sizable -3.17% drop during the review week which may attract a BOW
stance among some investors.
Public Bank saw the largest net money outflow of –RM25.62mil last week. Its stock price ended -0.39% lower but nevertheless marginally outperformed vis-à-vis the KLCI which fell by -1.18% during the review week.
Petronas Chemicals recorded the second largest net money outfl ow –RM24.16mil during the week under review. Its share price however underperformed the KLCI with a -2.02% weekly loss.
Tenaga Nasional registered the third largest net money outfl ow at –RM16.89mil in the review and its share price outperformed with a -0.40% drop.
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