KUALA LUMPUR: Foreign investors continued to dispose of equities on Bursa Malaysia last week, with net selling at an 18-week high of RM1.10 billion, according to MIDF Amanah Investment Bank Bhd (MIDF).

In its fund flow report for the week ended Oct 4, 2024, MIDF said foreign investors net sold every day and have been net selling for 10 consecutive trading days.

MIDF also said the strongest net selling was observed on Friday at RM321.8 million. Sectors that were net sold were financial services (RM553.3 million), utilities (RM159.5 million), and consumer products and services (RM132.3 million).

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“The sectors that recorded net foreign inflows were plantation (RM27.5 million), property (RM20.9 million), and energy (RM10.0 million)

It also said that local institutions net bought for the fourth consecutive week at RM1.02 billion.

“As opposed to foreign investors, they have been net buying for 10 straight trading days. Local retailers too, continued playing their role in supporting the market, net buying for the second straight week at RM79.8 million,” it said.

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The average daily trading volume (ADTV) declined across all investor classes last week, foreign investors recorded a decline of 14.0 per cent, while local retail investors and local institutional investors posted declines of 9.6 per cent and 6.5 per cent, respectively.

Regionally, MIDF reported an exodus of foreign funds from Asia last week as foreign investors net sold in six out of the eight markets that it tracked.

“The net foreign fund outflow was at a 24-week high at US$7.31 billion on the back of a rotation of funds into China. Only the Philippines and Vietnam saw net inflows last week,” it added.