KUALA LUMPUR: Bursa Malaysia saw the first foreign outflow last week after four successive weeks of inflow, in conformity with global fund outflows from Asian market, MIDF Research said.
MIDF Research said global funds had been exiting Asia for the past four straight weeks with the provisional aggregate data from the seven Asian exchanges suggesting that investors classified as “foreign” disposing RM904.2 million net last week.
North Asian bore the brunt of selling pressure albeit at a slower pace, it added.
Based on preliminary data from Bursa which excluded off market trades, MIDF Research said the net amount sold by foreign investors was recorded at RM38.2 million last week.
This latest net attrition was substantially lower in comparison to the net amount sold in the week ended November 17, recorded at RM297.1 million.
International investors were net sellers in two out of five trading days with Tuesday recording the biggest amount of RM143.9 million since November 16.
MIDF Research said Tenaga Nasional Bhd registered the highest net money inflow of RM28.69 million last week, followed by IOI Corp Bhd and Nestle (Malaysia) Bhd.
The research firm said net money inflow amid retreating share price may indicate a buy on weakness stance among some investors.
TNB’s share price however underperformed with a 0.12 per cent loss against the FBM KLCI which gained 0.41 per cent during the week under review.
United Plantation, on the other hand, saw the largest net money outflow of RM12.73 million last week.
Its stock price ended 1.42 per cent lower for the week and underperformed vis-à-vis the FBM KLCI.