KUALA LUMPUR (June 28): Foreign investors last week acquired RM177 million Malaysian equity last week, offsetting the RM99.6 million outflow in the prior week, according to MIDF Research.

In its weekly fund flow report today, the MIDF Research Strategy Team said te heaviest foreign buying was recorded on Thursday as net purchases surged to RM208.9 million as the fall in crude oil price prompted investors to embark on bargain hunting in the local bourse.

The research house said this coincided with other regional markets that experienced heavy foreign buying, notably Korea and Taiwan.

It said foreign participation eased but remains at a reasonable level.
 
MIDF Research said foreign average daily trade value (ADTV) dropped slightly below the RM1 billion mark, decreasing by 9% for the week, from RM1.4 billion to RM989.6 million.
 
“Indeed, foreign trading was active on Tuesday and Wednesday as the trading value exceeded RM1 billion for both days.
 
“However, the momentum was lost as expected as the market edged towards Friday,” it said.
 
MIDF Research said that in contrast, the retail market continued its sluggish pace.
 
It said retail ADTV declined by 21% for the week from RM812.7 million in the week before to RM642.8 million, the lowest since the week ended February 3.
 
It has now been four straight weeks that the retail ADTV is below the RM1 billion mark, said MIDF Research.