KUALA LUMPUR: Foreign investors ended a three-week buying streak last week, offloading net RM423.5 million in local equities.

MIDF Research's latest weekly fund flow report revealed that Tuesday was the sole day with a net foreign inflow of RM151.1 million, while the remainder of the week saw foreign funds selling their holdings.

"The largest outflow occurred on Thursday, totalling -RM371.0 million," it said.

The report said foreign investors net purchased only three sectors last week: Property (RM43.9 million), Utilities (RM42.2 million), and Construction (RM6.5 million).

Conversely, the top three sectors that saw net sales were Technology (-RM107.7 million), Consumer Products & Services (-RM87.7 million), and Industrial Products & Services (-RM80.8 million).

"Local institutions and local retailers were the supporters of the local bourse last week, breaking their previous net selling streaks," it added.

MIDF Research said that local institutions net bought RM256.4 million after two weeks of selling, while local retailers ended their three-week net selling streak by purchasing RM167.0 million last week.

The firm also noted a decline in average daily trading volume (ADTV) for all groups: local retailers (-27.7 per cent), local institutions (-29.4 per cent), and foreign investors (-35.2 per cent).

https://www.nst.com.my/business/corporate/2024/07/1083208/foreign-investors-halt-three-week-buying-streak-offload-rm4235m