KUALA LUMPUR (Dec 14): Foreign money continued to exit the Malaysian equity market on net basis for the third week in a row, according to MIDF Amanah Investment Bank Research.

In a note today, the research house said last week investors classified as "foreign" offloaded nearly RM663 million of local equity in the open market and were net sellers in all of the five trading days last week.

It said foreign participation rate nonetheless dwindled to RM861 million from a year-to-date high of RM1.68 billion recorded in the previous week.

MIDF Research said local institutions continued to help support the market last week, mopping up almost RM631 million net.

It said the participation rate remained relatively high at RM2.14 billion.

It said local retailers were marginal net buyers at RM32 million.

"Likewise, its participation rate continued to decline to RM631 million last week," it said.