Foreign buying on Bursa eases

PETALING JAYA: Foreign buying eased to RM576.5 million last week on Bursa Malaysia from RM1.45 billion a week earlier, said MIDF Research.
Nonetheless, the research house said net foreign buying has now extended to 13 consecutive weeks, which is longer than the 10-week inflow into Indonesia, the only other Asian emerging market currently attracting sustained foreign interest.
“It was again another four-day trading week. Buying intensity was generally low to moderate and did not exceed RM300 million. We note that foreign investors remained net buyers on Thursday although KLCI declined by 0.78% the second biggest daily drop this year,” it noted. Foreign participation on Bursa Malaysia remained at an elevated level, said MIDF Research.
“Foreign average daily trade value (ADTV) remained above RM1 billion at RM1.02 billion, albeit lower than that the week before,” it said.
Meanwhile, the research house said the retail market remained healthy, with ADTV increasing 16% to RM1.29 million, the second highest this year.
“Moreover, the 10-week selling streak by retailers came to a halt after retailers purchased RM20.1 million worth of local equities. On Tuesday, the traded value hit RM1.44 billion, the highest this year,” it added.