KUALA LUMPUR: The Malaysian stock market was a target of foreign fund buying over the past week, amid an outflow of funds in other regional markets.
MIDF Research said out of the eight markets in covered in Asia, Bursa Malaysia was one of the two that saw a net inflow of foreign dollars during the week.
According to the research firm, foreign investors net bought RM535mil in local equities during the holiday-shortened week, with net buying recorded in three out of the four trading days.
Foreign investors stepped up buying utilities counters with RM167.5mil net of purchases, followed by transport and logistics with RM134.5mil and technology with RM115.7mil.
Sectors that saw the most net foreign sales were plantations with RM108.2mil, telecommunications and media with RM32.1mil and energy with RM22.4mil.
Local institutions were net sellers of RM293.5mil of Bursa Malaysia equities after a registering as net buyers in the prior week.
Local retailers turned net sellers of RM242.5mil of equities.
In terms of participation, the average daily trading volume (ADTV) declined across the board by 6.3% for retailers, 2.7% for local institutions and 21.7% for foreign investors.
