Foreigners reverse trend with RM392.3mil outflow after four weeks: MIDF
KUALA LUMPUR: Foreign investors reversed their position to net selling after a four-week buying streak that saw cumulative inflows of RM3.29 billion.
In a note today, MIDF Research said that the week ending May 23 recorded a net foreign outflow of RM392.3 million, bringing the year-to-date (YTD) net foreign outflow to RM9.8 billion.
Notably, the firm said the past four weeks marked the only period of foreign inflows for the year.
"Foreign investors were net sellers on every trading day, with outflow ranging from RM0.9 million to RM207.7 million.
"The largest outflow was recorded on Thursday at RM207.7 million, followed by Tuesday with RM80.5 million," it added.
Meanwhile, MIDF Research said the three sectors that recorded the highest net foreign inflows were utilities (RM56.5 million), construction (RM54.4 million), and telecommunications and media (RM48.1 million).
The top three sectors that recorded the highest net foreign outflows were financial services (RM240.9 million), consumer products & services (RM139.1 million) and industrial products & services (RM86.2 million).
The firm also noted that local institutions ended their four-week selling streak with net inflows amounting to RM222.9 million, bringing their YTD net buying to RM7.9 billion.
It added that local retailers also reversed their five-week outflow trend, recording a net inflow of RM169.4 million.
"The average daily trading volume (ADTV) saw a broad-based decline last week.
"Local institutions and local retailers saw a decrease of 36.8 per cent and 28.1 per cent respectively, while foreign investors saw a decline of 29.1 per cent," it said.
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