Foreign selling of Malaysian equities hit RM989.3m in wk ended March 14

  • Business
  • Monday, 17 Mar 2014

KUALA LUMPUR: Foreign selling of Malaysian equities rose to net RM989.3mil in the week ended March 14, 2014, which was the highest in five weeks, MIDF Equities Research said.

The research house said on Monday this was an increase from net RM218.9mil outflow the week before.

"Foreigners sold every day, except on Tuesday. On Wednesday, the size of the pullout surged to -RM399mil, the second highest this year, after the -RM556mil drain on February 4. Selling continued to be heavy on Friday (amounted to -RM397mil), which is rather ominous for the market this week," it said.

MIDF Research pointed out although the sale amount exceeded RM300mil on two days last week, the daily outflow was capped at below the RM400mil level this year, except for one day.

"For the year to date, foreign funds have pulled out -RM6.54bil net from Malaysian equities. Still, we estimate an overhang of foreign liquidity amounting to RM27.4bil, for cumulative money flow since January 2010," it said.

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