RM362.6m net buying by foreign funds last week

PETALING JAYA: Foreign funds mopped up RM362.6 million net last week, the highest in 17 weeks.
MIDF Research said it was also 10 times more than the preceding week, based on transactions in the open market, excluding off-market deals.
Foreign tide-in to Bursa accelerated last week, marking the second consecutive week of inflows. Foreigners were net buyers during the four-day trading week. Bursa was closed on Monday in conjunction with Malaysia’s outstanding achievements in the SEA Games.
“We note that foreign funds were net buyers on every single day of the week. Thursday recorded the highest inflow of RM153.1 million net, the highest in a day since July 13, coinciding with the strengthening ringgit and increasing Brent crude oil price. We also note that Malaysia’s inflow was in line with Thailand, bucking the trend in Asia which experienced an outflow,” MIDF said in its fund flow report today.
Last week’s foreign buying has brought the cumulative year-to-date net inflow to RM10.7 billion.
Foreign participation rate was strong last week. The foreign average daily trade value surged by 29% to top RM1 billion for the first time in 10 weeks.
Retail participation edged higher last week. The retail ADTV rose 9% to RM880 million.