KUALA LUMPUR: Foreign investors remained net buyers of local equities on Bursa Malaysia in the first two weeks of this month with inflows totalling RM526.7mil.
“This brings the cumulative year-to-date foreign net outflow to RM1.2bil, ” said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim.
He told Bernama that foreign investors bought RM240.8mil net of local equities during the second week of March 2021, down from RM285.9mil in the preceding week.
He said Bursa Malaysia began last week on the wrong foot as international investors sold RM62.9mil net of local equities on Monday, as inflation worries offset optimism over the passage of a US$1.9 trillion (RM7.8 trillion) stimulus bill in the United States.
Nevertheless, he said foreign investors returned to the local stock market with RM120.7mil net on Tuesday, buoyed by rubber glove counters, namely Kossan Rubber Industries Bhd and Top Glove Corp Bhd which gained by more than 1% for the day.
“The strength in rubber glove counters came about as Top Glove released its latest quarterly results which saw its revenue for the second quarter ended Feb 28,2021, grow 12.74% to hit a record RM5.37bil from RM4.76bil in the first quarter.
“This was despite an 8% decline in volume due to a temporary production halt in its facilities in Klang during November and December 2020, ” he said.
.Offshore investors upped the ante in their buying activity as they mopped up RM186.6mil net of local equities on Wednesday, he said. — Bernama