KUALA LUMPUR: Foreign funds were net sellers on Bursa Malaysia on Tuesday at –RM61.1mil while local institutions and retail investors were net buyers, according to BIMB Securities Research.
Local institutions were net buyers at RM52.8mil and retailers at RM8.3mil, it said on as the FBM KLCI fell 6.53 points or 0.38% to 1,711.15.
“We expect the local market to trend positive today following overnight rallies in Wall Street and Europe with immediate resistance at 1,720 to 1,730,” it said.
BIMB Research said Wall Street and Europe markets closed mostly higher, after sentiment boosted by rally in commodity prices and mixed earnings reports.
Oil prices advanced during US hours, with Brent futures gaining US$1.12 to US$44.03 a barrel, while US crude was up US$1.30 to US$41.08.
The DJIA closed up 49.44 points, or 0.27%, at 18,053.60, with Goldman Sachs leading advancers and IBM the greatest decliner, while the S&P 500 advanced 6.46 points, or 0.31%, at 2,100.80, with materials leading eight sectors higher and consumer discretionary and information technology the only decliners.
Most Asian markets posted strong gains as well, led by a jump in Japanese shares. The Nikkei 225 gained 3.68% to 16,874.44, while the Hang Seng and Shanghai rose 1.3% and 0.3% to 21,436.21 and 3,042.82 respectively.
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