KUALA LUMPUR (Sept 5): Foreigners turned net buyers last week despite the short trading week and acquired RM36.2 million of Malaysian equity last week, according to MIDF Amanah Investment Bank Bhd Research.

Bursa Malaysia was closed on Thursday and Friday for the National Day and Eidul Adha festival.

In its weekly fund flow report today, the MIDF Research Strategy team said the RM36.2 million acquired last week was the lowest weekly foreign acquisition for the year.

"We note that the six-day selling streak was snapped on Monday as global funds acquired RM7.10 million net on that day.

"Foreign buying momentum increased the next day by seven times to RM52.2 million net," it said.

However, the research house said that on Wednesday, international fund managers cleared their positions ahead of the long weekend, disposing of RM23.1 million net.

MIDF Research said the month of August turned out to be the first month of net outflows this year, which amounted to RM241.9 million net.

Nonetheless, it said cumulative year-to-date net inflow still stands above the RM10 billion mark.

The research house said foreign participation rate was resilient for the week as foreign average daily trade value (ADTV) remained above RM800 million for the fifth week in a row.

"Retail participation meanwhile edged higher for the week.

"The retail ADTV increased by 25% to RM865 million after three straight weeks being below RM700 million," it said.