KUALA LUMPUR: Foreign funds, which had been net buyers in recent weeks, turned net sellers on Wednesday while local institutions and local retail investors stepped up their buying.
BIMB Securities Research said foreign funds were net sellers at –RM59.3mil while local retail investors were net buyers at RM31mil and local institutions at RM28.3mil.
“We expect the local market to remain sideways due to lack of fresh catalyst with the index to hover around 1,715 to 1,720,” said the research house.
The FBMKLCI ended down 1.07 points or 0.06% to 1,717.01 on Wednesday. In Asia, key indices ended mixed as investors remained concern about the strength of the Chinese economy while rally in oil price helped some countries to close higher.
However, European bourses rebounded from a six-week low on Wednesday as a rally in oil prices boosted energy companies while upbeat Chinese data calmed nerves about growth in the world’s second-largest economy.
Wall Street also ended higher as minutes from the US Federal Reserve’s meeting signalled a reluctance to raise rates as early as this month.
The DJIA gained 0.64% to end at 17,716.05 and the broader S&P 500 was up 1.05% to 2,066.66 respectively.
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