KUALA LUMPUR (May 21): Bursa Malaysia saw an exodus of foreign funds last week ending May 17, extending the foreign net selling streak to the eighth week.

According to MIDF Research, data from Bursa showed that foreign funds sold RM1.18 billion net of local equities last week, a level not seen since October last year.

However, participation amongst foreign investors gained momentum last week as the average daily traded value (ADTV) rose 2.7% to RM1.21 billion, which is a healthy level, said MIDF.

Amongst the top ten net money outflows of local equities is Public Bank Bhd, which saw the largest net money outflow of RM8.04 million last week.

This is followed by Axiata Group Bhd (RM6.14 million) and Malayan Banking Bhd (RM5.96 million).

"On a month-to-date basis, Malaysia has recorded a foreign net outflow of RM1.71 billion in May 2019. This brings the year-to-date foreign net outflow from Malaysia to RM4.46 billion," MIDF said in a report today.

Meanwhile, Tenaga Nasional Bhd recorded the highest money inflow of RM6.44 million, followed by IHH Healthcare Bhd (RM5.38 million) and Petronas Chemicals Group Bhd (RM5.03 million).