KUALA LUMPUR: Bursa Malaysia, like most of its Asian counterparts, recorded massive net selling last week, amounting to RM1.59 billion, according to MIDF Research.
This was the highest weekly net outflow in four years, during the time when the country went into movement control order in March 2020.
MIDF Research said this was the eighth consecutive week of net selling in Malaysia by foreign investors.
"They net sold every day last week and have been net selling Malaysian equities for nine straight trading days.
"The only sector with a net foreign inflow last week was telecommunication and media (RM9.3 million)," the firm said in its weekly fund flow report.
The top three sectors that recorded the highest net foreign outflows were
financial services (-RM425.8 million), consumer products and services
(-RM308.9 million), and industrial products and services (-RM206.3 million).
The local bourse continued to be supported by local institutions, net buying RM1.79 billion for the week, a six-year high since February 2018.
This is their eighth consecutive week of net buying. In terms of days, they have been net buying for 11 straight trading days.
Meanwhile, local retailers remained net sellers for the sixth consecutive week, with net sales amounting to RM195.8 million.
They net bought RM59.5 million on Monday but were net sellers for
the rest of the week.
In terms of participation, the average daily trading volume saw increases across the board, led by local institutions (30.2 per cent), followed by foreign investors and local retailers at
28.4 per cent and +19.5 per cent respectively.