Foreign investors concluded their eighth consecutive week of net selling and shifted to become net buyers on Bursa Malaysia, totalling RM292.2m last week.
MIDF Research said today (Apr 29) that the World Bank has maintained its CY24 economic growth forecast for Malaysia at +4.3%, although it acknowledges the potential for an upside from increased oil prices resulting from the ongoing conflict in the Middle East.
The projected GDP growth in CY24 is expected to be primarily propelled by private consumption.
Foreign investors have been purchasing sectors such as Utilities (RM285.8m), Financial Services (RM105.3m) and Telecommunications & Media (RM100.3m). Sectors that saw the strongest net selling were Consumer Products & Services (-RM223.2m), Plantation (-RM68.5m) and Energy (-RM31.6m).
Likewise, local institutions continued their trend of net buying for the ninth consecutive week, with a net purchase totalling RM143.3m.
Local retailers sustained their net selling streak for the seventh consecutive week, totalling -RM435.5m.
In terms of participation, the average daily trading volume (ADTV) declined for retail and foreign investors by -10.9% and -15.5% respectively.
However, local institutions saw a slight uptick of +0.2%.
