KUALA LUMPUR (March 28): Local institutional investors became net sellers last week (March 20-24), after three weeks of net buying, according to CGS-CIMB.

They were the second largest weekly net sellers after foreign investors. Local institutional investors sold RM30 million worth of equities, which represented a reversal of their weekly net purchases of RM539 million two weeks ago and reduced their year-to-date net purchases to RM1.5 billion.

“They were net sellers of the financial services and transportation sectors; their top three net sell stocks were Public Bank [Bhd] (RM56.3 million), IHH Healthcare [Bhd] (RM41.7 million) and AMMB [Holdings Bhd] (RM40.1 million),” said CGS-CIMB in a note on Tuesday (March 28).

Foreign investors, who remained the biggest net sellers last week with RM98 million worth of share sales, saw Petronas Chemicals Group Bhd (RM93.5 million), RHB Bank Bhd (RM51.8 million) and Public Bank (RM40.3 million) as their top three net sellers.

Their cumulative year-to-date (YTD) net sales increased to RM1.9 billion, said the research house.

The largest weekly net buyers are local retail investors, who bought RM88 million worth of shares. This brought their YTD cumulative net purchases to RM101 million.

Local retail investors bought Public Bank (RM61.4 million), RHB Bank (RM28.2 million) and Computer Forms (Malaysia) Bhd (RM26.4 million) last week.

CGS-CIMB commented that the local market is expected to stay range-bound as investors weigh efforts to "calm fears" of a systemic banking crisis.

At the time of writing on Tuesday, Public Bank shares were up 0.51% to RM3.91 with a market value of RM75.9 billion; IHH Healthcare was up 0.17% to RM5.75 with a market value of RM50.63 billion; and AMMB was up 0.56% to RM3.57, valuing it at RM11.83 billion.

Petronas Chemicals rose 1.76% to RM6.94, giving it a market capitalisation of RM55.52 billion, RHB Bank expanded 0.92% to RM5.50 while Computer Forms fell 4.35% to 22 sen.