KUALA LUMPUR (April 17): Foreign buying of Malaysian equity on Bursa Malaysia last week narrowed to RM239.9 million, from RM645.3 million the prior week, according to MIDF Research.

In its weekly fund flow note today, MIDF Research Strategy Team said nevertheless, the surplus means foreign investors have now been net buyers on Bursa for the 10th consecutive week.

"On a positive note, foreign investors were net buyers every single day last week. The buying was nevertheless lacklustre, reflecting non-committal fervour among the investors. It is to be expected as the global equity market is currently in a consolidation mode, and trading had been disrupted by closures in a few markets.

"The silver lining is that the local market has been spared of an abrupt and destabilising withdrawal," it said.

MIDF Research said year to date, cumulative foreign purchases amounted to RM6.63 billion.

It said while this was sizeable, it is still only about half compared to the same trading period in 2013, which was the last General Election year.

The research house said foreign participation on Bursa in general eased last week.

It said foreign average daily trade value (ADTV) was lower by 32% at RM740.6 million, the first time it declined below the RM1 billion level in four weeks.

It said that on Friday (April 14) foreign participation plunged to only RM235.4 million.

MIDF Research said retail market remained vibrant despite the ADTV declining by 20.4% to RM1.11 billion.

The research team said it was the sixth straight week the ADTV exceeded RM1 billion.

"Indeed the daily participation for the retail market exceeded RM1 billion every day of the week," it said.