KUALA LUMPUR: Foreign investors disposed of RM477.5mil net of local equities during the final week of February 2021 compared to the RM466.4mil disposed of in the preceding week.
For the month of February, foreign investors sold RM866.9mil net of local equities, marking the 20th consecutive month of foreign net selling.
On a year-to-date basis, international funds have sold RM1.7bil net of local equities.
“The last time that a monthly foreign net inflow was recorded was in June 2019 at RM134.6mil, ” Bank Islam Malaysia Bhd economist Adam Mohamed Rahim told Bernama.
He said Bursa Malaysia had a rough start to the week as international investors sold RM255.5mil net of local equities on Monday as rubber glove counters became the major casualties.
“The arrival of the Covid-19 vaccine on Malaysian shores has somewhat dented sentiment on rubber glove counters in terms of lower global demand for rubber gloves.
“As such, the FBM KLCI index closed 0.9% lower on Monday at 1,570.5 points, ” he told Bernama.
Adam noted that the pace of foreign net selling slowed down to RM137.8mil net on Tuesday before disposing of more on Wednesday to the tune of RM178.5mil net.
In addition, losers led gainers on Wednesday and rubber glove counters continued to be major laggards on the local bourse.
Aside from that, pressures from other Asian markets such as Hong Kong, which unveiled its first stamp-duty increase on stock trades since 1993, weighed on regional sentiment, including the local bourse. — Bernama