KUALA LUMPUR (Sept 11): Foreigners were the net buyers last week for the second consecutive week, mopping up RM362.6 million, ten times more than the prior week, according to MIDF Amanah Investment Bank Bhd Research.

In its weekly fund flow report today, the MIDF Research Strategy Team said the amount acquired by foreign funds last week was the highest in 17 weeks.

“We note that foreign funds were net buyers on every single day of the week.

“Thursday recorded the highest inflow of RM153.1 million net, the highest in a day since July 13, coinciding with the strengthening Ringgit and increasing Brent crude oil price.

“We also note that Malaysia’s inflow was in line with Thailand, bucking the trend in Asia which experienced an outflow,” it said.

The research house said last week’s foreign buying has brought the cumulative year-to-date net infl ow to RM10.7 billion.

It said foreign participation rate was strong last week.

MIDF Research said the foreign average daily trade value (ADTV) surged by 29% to reach above the RM1 billion mark for the first time in 10 weeks.

It said gross trade for the week ranged from RM936 million to RM1.5 billion.

“Likewise, retail participation edged higher for the week.

“The retail ADTV increased by 9% to RM880 million, staying above RM800 million for six weeks in a row,” it said.