Local Institutions Turn Net Buyers After Two Weeks Of Selling -- MIDF

KUALA LUMPUR, July 29 (Bernama) -- Local institutions bolstered Bursa Malaysia last week with a net purchase of RM256.4 million, following two weeks of selling, according to MIDF Amanah Investment Bank Bhd (MIDF).

In its weekly fund flow report, the investment bank said the local retailers also ended their three-week net selling streak by buying RM167.0 million last week.

Conversely, foreign investors reversed their three weeks of net buying, selling RM423.5 million worth of domestic equities.

"Tuesday was the only day with a net foreign inflow, totalling RM151.1 million, while the rest of the week saw foreign funds exiting the market," it said.

The sectors with the highest net foreign inflows last week were property (RM43.9 million), utilities (RM42.2 million) and construction (RM6.5 million).

However, the rest of the week saw foreign funds leaving the market, with the largest outflow occurring on Thursday, totalling RM371.0 million.

The investment bank identified the sectors with the highest net foreign outflows as technology (RM107.7 million), consumer products and services (RM87.7 million), and industrial products and services (RM80.8 million).

"In terms of participation, there were declines in average daily trading volume among all investor classes last week.

"Foreign investors recorded the largest decline of 35.2 per cent, while local institutions and local retailers saw declines of 29.4 per cent and 27.7 per cent, respectively," MIDF added.

--BERNAMA