Local Institutions Extend Buying Streak For Eighth Week - MIDF

KUALA LUMPUR, July 14 (Bernama) -- Local institutions extended their buying streak for the eighth consecutive week, MIDF Amanah Investment Bank Bhd said.

Net inflows totalled RM463.9 million for the week ended July 11, a sharp increase from RM61.0 million in the previous week, it said in its weekly Fund Flow Report.

MIDF Amanah said local retailers also returned to net buying after two weeks of net selling, recording a net inflow of RM52.7 million.

“The average daily trading volume saw a broad-based decline last week.

“Local retailers and local institutions recorded decreases of 1.6 per cent and 12.9 per cent, respectively, while foreign investors registered a drop of 8.3 per cent,” it said.

Meanwhile, MIDF reported that foreign investors turned net sellers after two straight weeks of net buying, with a total outflow of RM516.6 million.

It said foreign funds were net sellers across all five trading days, with daily outflows ranging from RM10.1 million to RM272.3 million.

The largest outflow was recorded on Monday at RM272.3 million, followed by Friday at RM103.6 million. The smallest outflow was on Tuesday, at RM10.1 million.

MIDF said the top three sectors that saw the highest net foreign inflows were utilities (RM52.5 million), property (RM35.4 million), and transportation and logistics (RM32.1 million).

“The sectors with the largest net foreign outflows were financial services (RM237.6 million), telecommunications and media (RM142.7 million), and construction (RM89.1 million),” it said.

-- BERNAMA