KUALA LUMPUR (April 29): After eight consecutive weeks of net selling, foreign investors shifted to become net buyers on Bursa Malaysia last week, with a total investment of RM292.2 million.

In its weekly fund flow report on Monday, MIDF Research said foreign investors have been actively purchasing in sectors such as utilities (RM285.8 million), financial services (RM105.3 million), and telecommunications and media (RM100.3 million).

However, sectors that experienced the strongest net selling were consumer products and services (RM223.2 million), plantation (RM68.5 million), and energy (RM31.6 million). 

Local institutions continued their trend of net buying for the ninth consecutive week, with net purchase totalling RM143.3 million. In contrast, local retailers sustained their net selling streak for the seventh consecutive week, totalling RM435.5 million.

In terms of participation, the average daily trading volume saw a decline for retail investors by 10.9% and foreign investors by 15.5%. However, local institutions experienced a slight increase of 0.2%.

On the international front, MIDF reported that major markets showed positive momentum, with 19 out of the 20 indices monitored posting gains. The top performers included Hong Kong’s Hang Seng (8.80%), followed by Nasdaq (4.23%), and Singapore’s Straits Times (3.26%). The only decline was observed in Indonesia’s JCI (0.72%).

MIDF also mentioned that the World Bank has maintained its economic growth forecast for Malaysia for the calendar year 2024 (CY2024) at 4.3%. It acknowledged the potential for an upside from increased oil prices due to the ongoing conflict in the Middle East.

The projected gross domestic product growth in CY2024 is expected to be primarily driven by private consumption.

https://www.theedgemarkets.com/node/709678