Foreign funds sold RM601.2 mln in local equities last week

Foreign funds sold RM601.2 mln in local equities last week

KUALA LUMPUR: Foreign funds sold RM601.2 million net in local equities last week, the largest weekly foreign fund net outflow in 11 weeks, said MIDF Research today.

In its fund flow report, it said the pace of foreign net selling on Bursa Malaysia last week accelerated significantly during the holiday-shortened week with the key FBM KLCI declining by 1.3 per cent for the week after closing at 1,626.76 points on Friday, marking the fourth week of losses.

Likewise, the ringgit depreciated by 0.9 per cent against the greenback, as it settled at US$/RM4.158.

“Tenaga Nasional Bhd registered the highest net money inflow of RM12.59 million last week. Its share price advanced 1.76 per cent for the week, outperforming the local bourse which had a -1.29 per cent weekly loss,” said MIDF Research.

Meanwhile, United Plantations Bhd saw the largest net money outflow of –RM6.76 million last week with its stock price -0.23 per cent lower for the week, outperforming the FBM KLCI which declined -1.29 per cent during the review week.

MIDF Research said July recorded a foreign net outflow of RM79.2 million, marking the fifth month of foreign net outflow for the year.

On a year-to-date basis, the foreign net outflow from Malaysia stood at RM5.01 billion.

In contrast, the other six Asian markets MIDF Research monitors, namely South Korea, Thailand, Indonesia, India, Taiwan and the Philippines have seen a foreign net inflow so far for the year, with India being the largest.

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