KUALA LUMPUR: The eight successive weeks of foreign net buying has ended as Bursa Malaysia saw the first foreign outflow last week, according to MIDF Research.
“Last week, foreigner sold RM193.1mil worth of stocks after being net buyers for eight weeks in a row,” MIDF noted in its weekly report.
It said the selling pressure was in tandem with some other regional peers as the guessing game of when the next US rate hike might be continued.
MIDF said foreigners took profit from Malaysian equities after the roundup of second quarter corporate earnings. The selling also came amid lower crude oil prices.
“There was a heavy selling by investors classified as ‘foreigners’ after the National Day celebration on Wednesday.
“On Thursday, foreign investors off loaded RM200.7mil, They were also net sellers on Tuesday (RM29.4mil) and Friday (RM44.1mil),” MIDF said.
The research house said as of last Friday, the year-to-date the cumulate net foreign inflow into shares listed on Bursa fell to RM2.34bil from RM2.54bil in the preceding week.
In retrospect, foreigners had off loaded RM19.5bil in 2015 and RM6.9bil in 2014.
MIDF said local institutions became net buyers after being net sellers for the eight successive weeks. They bought RM177.8mil last week after off-loading RM102.8mil in the week before. They have been selling every week since July 8.
Retail buyers were net buyers on Bursa Malaysia for the third week but the momentum slowed down. They bought RM15.3mil last week as compared with RM53.4mil the week before.
Last week, Malayan Banking Bhd
(Maybank) registered the highest net money inflow of RM11.61mil last week. However, its share price underperformed the broader market as it ended lower by 3.13% while the FBM KLCI was down by a shallower 0.67% during the week under review.
YTL Corp came in second with RM6.41mil net inflow while Axiata Group recorded the third highest net money inflow of RM4.35mil.
Meanwhile, KL Kepong saw the largest net money outflow of RM17.72mil last week and Public Bank came in second last week with a net outflow of RM7.82mil.
CIMB Group registered the third largest net money outflow at RM5.32mil in the review week.
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