Foreign selling slowed to RM714.7m last week, says MIDF Research

-A +A

KUALA LUMPUR (May 27): Foreign selling of Malaysian equities on Bursa Malaysia slowed down to RM714.7 million last week, from RM843.2 million the prior week, said MIDF Research.

In his weekly fund flow report today, MIDF Research’s Adam M Rahim said Bursa began the week with a foreign net outflow of RM122.3 million last Monday.

“Meanwhile, trading volume on Bursa reached another record high of 11.2 billion shares on the same day, supported by trading in oil and gas and infrastructure-related stocks on the back of strong energy prices and the prospects of a restart of megaprojects,” he said.

Adam said the level of foreign net selling declined slightly to RM93.8 million last Tuesday, sparked positive Covid-19 vaccine trial results by drugmaker Moderna.

“The 10-day foreign net selling spree was snapped on Wednesday as foreign funds snapped up RM700,00 net of local equities.

“Nevertheless, the foreign net inflow was short-lived as foreign investors were back in selling mode at a tune of RM178.9 million on Thursday.

“Foreign net selling surged to RM320.3 million, the highest during the week, as investors anticipated an escalation of US-China tensions after Beijing effectively proposed that China security laws be applied inside Hong Kong,” it said.