Local Institutions Back Bursa Malaysia For 11th Straight Week

KUALA LUMPUR, Jan 6 (Bernama) -- Local institutions supported Bursa Malaysia for the 11th consecutive week, with net purchases of RM304.0 million in domestic equities, according to MIDF Amanah Investment Bank Bhd (MIDF).  

In its Fund Flow Report for the week ended January 3, MIDF noted that local institutions were net buyers every day last week, extending their net buying streak to 31 consecutive trading days.  

Conversely, local retailers remained net sellers of domestic equities, recording net disposals of RM256.9 million, marking two weeks of continuous net selling.  

Foreign investors also maintained their selling momentum, recording a net outflow of RM427.1 million last week. This extended their selling streak to 11 consecutive weeks, the longest of last year.  

The net selling occurred during three of the four trading days in the shortened week, as the market was closed on Wednesday for the New Year’s holiday.

The heaviest outflows were seen on Friday (RM423.8 million), followed by Thursday (RM55.8 million). Inflows were recorded on Monday (RM570,000) and Tuesday (RM11.2 million).  

“The sectors that saw the highest net foreign inflows were property (RM115.7 million), utilities (RM36.8 million), and consumer products and services (RM29.0 million).  

“Meanwhile, the top sectors with the highest net foreign outflows were construction (RM89.3 million), financial services (RM45.8 million), and plantation (RM45.5 million),” MIDF added. 

-- BERNAMA