Foreign investors extend net buying of local equities for fifth week

KUALA LUMPUR: Foreign investors invested into Bursa Malaysia for a fifth straight week with a net inflow of RM786.1mil in the week ended Feb 23, 2024, which was more than double the net inflow registered in the prior week.

According to MIDF, there was net buying on every trading day of the week, which brought the net buying streak of offshore funds to 16 consecutive days, a feat not seen since February 2022.

Sectors that saw the highest net inflows were financial services (RM287.2mil), utilities (RM235.8mil) and energy (RM76.9mil).

The sectors with the most net outflows were REITs (RM18.6mil), plantations (RM12.4mil) and construction (RM4.4mil).

Local institutions, meanwhile, continued to net sell local equities for a fifth consecutive week, with the week's net outflow amounting to RM596.6mil.

Local retailers also remained net sellers for a third straight week with net sales of RM189.6mil.

"In terms of participation, there were increases in average daily trading volume (ADTV) across all investor classes.

"Local retailers saw an increase of 29.9% while local institutions and foreign investors saw increases of 26.6% and 21.6% respectively," said MIDF in its weekly fund report.

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