KUALA LUMPUR (May 29): Foreigners were net buyers of Malaysian shares last week at RM223.7 million after they bought and sold RM2.76 billion and RM2.54 billion worth of equities respectively.

In a note today, MIDF Amanah Investment Bank Bhd said foreigners had been net buyers of local stocks for 16 consecutive weeks.

"Concerns that inflow of foreign funds into local equity is dissipating should be neutralised as foreign investors continued to plough money into Bursa Malaysia last week.

"Foreigners acquired RM223.7 million net in the open market (excluding off-market deals) last week, exceeding the RM192.4 million accumulated the week before. Although the amount was modest, the foreign buying streak has now stretched to 16 straight weeks," MIDF said.

MIDF said foreigners' average daily trade value on Bursa Malaysia stayed above the RM1 billion mark at RM1.06 billion, which is still a healthy level.