Foreign selling on Bursa last week lowest for November

PETALING JAYA: Malaysian equities have been subjected to heavy foreign money attrition since the US presidential election but the pace of the selldown appears to have slowed down last week compared to the past three weeks, as the net amount sold by foreigners on Bursa Malaysia RM493.3 million, was the lowest in November.
MIDF Research said it is noteworthy that the subsidence in the heavy tide out of Malaysian equity last week was also similarly apparent in other Asian markets.
"Throughout the week, foreign investors continued to be net sellers following the trend from the prior week. Despite the slight buildup of RM1.3 million on Monday, the attrition continued to be persistent with the highest on Thursday of RM168.7 million and lowest on Friday of RM73.6 million," it said in its fund flow report yesterday.
On a cumulative year-to-date, the amount of net-selling from foreigners has shrunk to RM1.37 billion from a peak of RM6.47 billion in April.
"However, compared to 2015, the outflow amount is still considered low as only RM7.8 billion has been redeemed since April. It was RM19.5 billion net outflow in 2015."
Retail investors continued to be positive at RM502.9 million, maintaining its levels in October.
The buying on dips conviction was also stronger than last week, which increased to RM105.1 million.