KUALA LUMPUR (April 3): Foreign investors purchased RM1.14 billion net in the open market last week, the second week running the amount had exceeded RM1 billion, according to MIDF Research.

In its weekly fund flow report today, the MIDF Research Strategy team said foreign investors have now been net buyers on Bursa Malaysia for eight consecutive weeks.

"As of Friday, foreign net buying had extended for fifteen trading days, the longest since March 2016.

"For the month of March, cumulative foreign net purchases amounted to RM4.7 billion. That was quadruple the cumulative inflow in February 2017 which amounted to RM956 million," it said.

The research house said foreign participation on Bursa remained at an elevated level despite easing by 16%.

It said the foreign average daily trade value (ADTV) stood at RM1.05 billion, the third highest this year.

MIDF Research said the strong foreign buying momentum continues to enable local investors to lighten their position.

It said local institutions offloaded RM1.09 billion net last week and have disposed of RM4.95 billion net year to date.

It explained the retail market remained vibrant despite ADTV declining also by 16% to RM1.06 billion compared to that the week before, marking the fourth week in a row it exceeded RM1 billion.

However, it said retailers were on "take-profit" mode, selling for six weeks in a row.