KUALA LUMPUR: The foreign net selling on Bursa Malaysia hit a 2.5-year weekly high of RM1.16bil in the week ended Oct 6, 2023.
The sell-off in local equities was in line with a the exodus of foreign funds from Asian markets, cued by fresh worries of the US Federal Reserve keeping interest rates higher for longer than initially expected.
According to MIDF Research, the top three sectors on Bursa that saw the highest net foreign outflows were financial services (RM770.3mil), consumer products and services (RM246.5mil) and healthcare (RM159.8mil).
The sectors that saw net foreign inflows during the week were utilities (RM86.2mil), construction (RM41.8mil) and property (RM21.9mil).
Meanwhile, local institutions snapped a three-week selling spree with a net purchase of RM1.05bil, the highest net buying amount since June 5, 2020, according to MIDF.
Local retailers remained net buyers for the second week at RM114.4mil.
In terms of participation, there was an increase in average daily trading volume among foreign investors by 2.4% last week and 3.6% among local institutions while local retailers saw a decline of 3.7%.
