KUALA LUMPUR: Foreign investors maintained their selling momentum on Bursa Malaysia for the fourth consecutive week, having net sold RM313.8 million of equities last week. 

This was, however, 24.4 per cent lower than the week before, according to MIDF Research.

The firm said foreign investors were net sellers from Monday to Wednesday, totalling RM757.5 million and net bought RM443.7 million on Thursday and Friday.

"This is following improved sentiments after the Federal Open Market Committee (FOMC) meeting with three rate cuts still in the pipeline," it said in a note. 

MIDF Research said Bank Negara had forecasted a growth of four per cent to five per cent in 2024, supported by resilient domestic demand and an improvement in external demand.                                              

The sectors with the highest net foreign inflows as at Thursday were property (RM100.1 million), energy (RM21.6 million) and construction (RM14.1 million). 

The sectors that recorded the highest net foreign outflows were financial services (RM272.3 million), consumer products and services (RM123.8 million) as well as utilities (RM93.2 million).                                     

For the local institutions, MIDF Research said the net buying trend continued for the fourth consecutive week as they net bought RM442.7 million. 

As opposed to foreign investors, the local institutions net bought RM835.3 million from Monday to Wednesday and net sold RM392.6 million on Thursday and Friday.                                    

MIDF Research said local retailers retained their net selling stance at RM128.8 million last week, net selling every day. They had been net sellers for 12 consecutive trading days.                           

In terms of participation, the average daily trading volume rose among retail and institutional investors by 2.6 per cent and 3.1 per cent respectively while that of foreign investors dropped 29.2 per cent.

https://www.nst.com.my/business/corporate/2024/03/1030193/foreign-investors-keep-momentum-net-buying-malaysian-stocks