Thursday 28 Mar 2024
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KUALA LUMPUR (April 10): Foreign buying dipped below the RM1 billion mark last week to RM645.3 million in the open market, after three weeks during which the net amount purchased averaged RM1.33 billion, according to MIDF Research.

In its weekly Fund Flow report, the MIDF Research Strategy team said net foreign purchases were recorded in four out of five trading days.

“The buying peaked on Tuesday at RM337.2 million, the fourth highest in a day this year, coinciding with the recovery in crude oil price which closed above the US$54 per barrel (pb) level for the first time since March 7.

“On Thursday, the 19-day buying streak was snapped as foreigners offloaded RM116.7 million net. Nevertheless, the deficit was more than offset the following day as foreign buying resumed on Friday,” it said.

The research house said it has now been nine straight weeks of foreign buying on Bursa during which RM6.1 billion made its way into Malaysian shores.

It said year-to-date, the cumulative amount is slightly higher at RM6.39 billion.

MIDF Research said the inflow this year has already offset the estimated net outflow of RM3.01 billion in 2016.

It said despite the tapering of purchases, foreign participation in Bursa in general remained high last week as it increased by 3.6%.

It said foreign average daily trade value (ADTV) was marginally higher at RM1.05 billion.

“Indeed, foreign trade exceeded RM1 billion per day from Wednesday to Friday,” it said.

The research house said retail market remained vibrant as the retail ADTV soared to RM1.33 billion, 31% higher than the week before, marking the fifth week it exceeded RM1 billion.

“In fact it was the highest recorded since the week ended Aufust 22, 2014,” it said.

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