Foreign buying of Malaysian equities moderated to RM172.4m last week, says MIDF

TheEdge Mon, Nov 20, 2023 09:18am - 3 months View Original

KUALA LUMPUR (Nov 20): Foreign buying of Malaysian equities extended for the third consecutive week, but moderated to RM172.4 million last week, compared to the previous week’s RM676.7 million.

In its weekly fund flow report on Monday, MIDF Research said Wednesday recorded the highest daily foreign inflow at RM191.9 million.

“On this day, stocks with the highest net buy amounts were Genting Bhd (RM23.9 million), PPB Group Bhd (RM19.7 million), and YTL Power International Bhd (RM14.9 million).

“The other net inflow day was on Thursday which saw an inflow of RM43.7 million,” it said.

However, the research house said there was a reversal on Friday which saw net outflow of RM58.2 million.

MIDF said the top three sectors with the highest net foreign inflows were Utilities (RM115.2 million), Healthcare (RM63.5 million), and Transportation & Logistics (RM51.9 million), while the top three sectors with the highest net foreign outflows were Industrial Products & Services (RM41.6 million), Consumer Products & Services (RM31.0 million) and Technology (RM30.8 million).

“Local institutions registered net sales of RM95.6 million last week, marking the third consecutive week of net selling.

“Each trading day of the week saw net selling, except on Friday when Bank Negara Malaysia reported that Malaysia’s GDP grew by 3.3% year-on-year in 3Q23,” it said.

MIDF said local retailers continued their net selling streak for the sixth consecutive week, with net sales amounting to RM76.8 million.

It said only Tuesday and Friday recorded inflows of RM22.8 million (Tuesday) and RM3.2 million (Friday).

“In terms of participation, there were increases in average daily trading volume (ADTV) among local retailers by 3.6% and foreign investors by 3.3%, but a decline among the local institutions by 7.4%,” it said.

Commenting on the international scenario, MIDF said most markets concluded the week with gains as a series of economic data from the US strengthened the belief that the US Federal Reserve has completed its rate hike cycle and will start rate cuts next year.

“Out of the 20 indices monitored, 18 registered gains for the week.

“The top three performers were Germany’s DAX 40 (4.49%), Taiwan’s TAIEX (3.15%), and Japan’s Nikkei 225 (3.12%).

“The only decliners were China’s Shenzhen CSI 300 (0.51%) and Vietnam’s Ho Chi Minh VSE (0.04%). The FBM KLCI also saw gains, adding 1.07% to close at 1,460.67 points for the week,” it said.

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FBMKLCI 1538.020
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