KLCI outperforms regional markets with positive gains
The KLCI rose 1.3% mom in Oct 23 to 1,442 pts, compared to the 1.9% mom decline in Sep 23. This improved the YTD decline for 10M23 to 3.6%.
CGSCIMB, in its Strategy Note today (Nov 2), said the gains meant that the KLCI outperformed both the MSCI Emerging Market index (-3.9% mom) and the MSCI All Country Asia ex-Japan Index (-3.9% mom) in Oct 23. KLCI was also the best performing among the MIST (Malaysia, Indonesia, Singapore, and Thailand) markets, with Thailand’s SET (-6.1% mom) ending up as worst performer for the second month in a row.
Foreign investors turned net sellers after 3 months of net buying
Foreign investors turned net sellers in Oct 23 after net buying for 3 consecutive months.
Foreign net sell flows were sizeable at RM2.2bn in Oct 23 as compared to net buy flows of RM0.7bn in Sep 23. Local institutional investors, on the other hand, turned net buyers in Oct 23, with a net buy flow of RM2.3bn compared to a net sell flow of RM0.5bn in Sep 23.
Local retail investors saw net sell flows widen by 20.9% mom to RM114.9m in Oct 23, compared to a net sell flow of RM95.1m in Sep 23. In terms of value, local retail and foreign investor participation rose 0.6% and 0.7% pts mom to 26.5% and 33.6%, respectively.
Meanwhile, local institutional investors’ participation fell 0.3% pts mom to 25.9%.
KLCI outperforms all other Bursa key indices
In Oct 23, the KLCI (+1.3% mom) outperformed all of Bursa’s other key indices, with Bursa EMAS Index and Bursa Hijrah Shariah Index being the only other key Bursa indices to post mom gains. In Oct 23, six of Bursa Malaysia’s 13 sectorial indices posted gains and only the Finance sector outperformed the KLCI.
The three best-performing sectorial indices in Oct 23 on a mom basis were Finance (+2.1%), Construction (+0.9%) and Industrial Production (+0.5%), while the three worst-performing sectors were Property (-3.2%), Energy (-2.8%), and Technology (-2.7%). Eighteen companies in the KLCI constituents posted share price gains, with the three best performers on a mom basis being CIMB (+5.2%), Press Metal (+4.5%), and Westports (+4.0%).
