Petronas Chemicals Bhd registered the highest net money inflow of RM9.47mil last week.
KUALA LUMPUR: The momentum of foreign selling on Bursa jumped in the week ended July 27 and net selling doubled to RM498.4mil compared with RM247.1mil a week earlier, says MIDF Research.
It said on Monday global investors were net sellers on every single day of the week, extending the daily selling streak to seven days.
Foreign selling was the lowest on Monday at only -RM28.1mil net, the smallest in a day since April 26 as risk appetite was strong following the statement by Malaysian Investment Development Authority (MIDA) regarding 402 projects in the pipeline with a proposed investment of RM75bil as at May 2018.
However, MIDF Research said the pace of foreign attrition later swelled on Tuesday and Wednesday to -RM129.1mil net and -RM244.2mil net, respectively in spite of China’s move to expand fiscal stimulus.
Foreign selling abated to -RM35.7mil net on Thursday but jumped to -RM61.3mil on Friday.
“July is set to be the month with the third lowest outflow so far this year with a month-to-date attrition worth -RM1.98bil net as of last Friday.
“On the regional front, Malaysia still has the second lowest outflow amongst the four Asean markets we track despite the cumulative year-to-date outflow approaching the RM9bil mark,” it said.
MIDF Research said Malayan Banking Bhd
saw the largest net money outflow of -RM13.23mil last week. Its stock price gained 0.92%, outperforming vis-àvis the FBM KLCI which gained 0.82% during the review week.
The net money outflow amidst advancing share price may indicate a sell on strength (SOS) stance among some investors.
Malaysia Airports Holdings Bhd recorded the second largest net money outflow at -RM8.56mil during the week under review. Its share price rose 0.66% for the week, underperforming the KLCI which rose 0.82%.
Petronas Chemicals Bhd registered the highest net money inflow of RM9.47mil last week. Its share price outperformed with a 1.14% increase against the KLCI which advanced by 0.82% during the week under review.
Tenaga Nasional Bhd recorded the second highest net money inflow of RM7.53mil. Its share price rose 1.89% higher for the week, outperforming the KLCI’s gain of 0.82%.
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