Affin Hwang Investment Bank Vice President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) would remain buoyant and touch 1,730.
KUALA LUMPUR: Foreign tide has finally returned to Bursa after three successive weeks of attrition, albeit only marginally, despite a holiday shortened trading week.
Bursa Malaysia was closed on Thursday and Friday for the National Day and Hari Raya Aidiladha festival.
“For the week, foreign funds acquired RM36.2mil net based on transactions in the open market, excluding off market deals. This is the lowest weekly foreign acquisition for the year,” MIDF Research said in its weekly fund report.
It noted that the six-day selling streak was snapped on Monday as global funds acquired RM7.10mil net on that day.
“Foreign buying momentum increased the next day by seven times to RM52.2mil net. However on Wednesday, international fund managers cleared their positions ahead of the long weekend, disposing RM23.1m net,” MIDF said.
The month of August turns out to be the first month of net outflows this year which amounted to RM241.9mil net. Nonetheless, cumulative year-to-date net inflow still stands above the RM10bil mark.
Foreign participation rate was resilient for the week as foreign average daily trade value (ADTV) remains above RM800mil for the fifth week in a row.
Retail participation edged higher for the week. The retail ADTV increased by 25% to RM865mil after three straight weeks being below RM700mil.
Meanwhile, Kuala Lumpur Kepong stocks were the beneficiary of the highest net money inflow of RM6.46mil. The second highest net money inflow beneficiary was PPB Group, amounting to RM4.24mil while AirAsia saw the third highest net money inflow of RM4.09mil.
On the other hand, Gamuda saw the largest net money outflow of RM22.06m last week. Tenaga Nasional recorded the second largest net money outflow of RM18.89mil and Maybank registered the third largest net money outflow at RM17.95mil.
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