Offshore funds continued to divest their holdings in Bursa Malaysia equities with net sales of RM46.4mil.
This represented a fourth straight week of net selling by foreign investors on Bursa Malaysia.
“The week started off on a positive note with net foreign inflows of RM9.5mil on Monday and RM81.8mil on Tuesday.
“Foreigners started net selling from Wednesday to Friday with outflows amounting to-RM137.6mil,” said MIDF Research in a note. It added that the sectors with the most net foreign inflows were telecommunications and media (RM62.9mil), utilities (RM26.4mil) and plantation (RM12.1mil).
Meanwhile, the sectors that saw the most net foreign outflows were financial services (RM84.5mi), industrial production and service (RM32.6mil) and construction (RM17.6mil).
Local institutions were net buyers on the market for a third consecutive week, with RM49.9mil of net inflow.
MIDF said the bulk of the inflow came on Friday RM72.3mil when Bank Negara announced a better-than-expected expansion of the domestic economy at 5.6% year-on-year in 1Q23. Local retailers however remained net sellers for a second week with RM3.6mil net of local equities sold.
In terms of participation, there was an increase in average daily trading volume (ADTV) among local retailers by 5.3%, local institutions by 16.2% and foreign investors by 30.6%.
