Foreign buying hits RM872.7m last week

By LYDIA NATHAN / Pic By ISMAIL CHE RUS

Foreign funds continued to buy Malaysian securities for the fifth consecutive week, going net long by RM872.7 million last week compared to a net buying of RM702.2 million the week before.

Foreign investors were net buyers on all five trading days, peaking last Tuesday with RM254.4 million pumped in, the highest acquisition in a day since Jan 8, 2018.

“We ascribe the intense buying last Tuesday to the strengthening of the ringgit to a 64-week high of RM3.927 (against the US dollar) and firmer oil prices,” MIDF Research noted in a report yesterday.

Foreign participation remained vibrant as the average daily trade value stood at RM1.13 billion, above the RM1 billion mark.

United Plantations Bhd registered the highest net money inflow of RM21.29 million last week, followed by Dialog Group Bhd at RM5.94 million and Bursa Malaysia Bhd at RM5.39 million.

The largest net money outflow was from Dutch Lady Milk Industries Bhd at RM30.26 million while Tenaga Nasional Bhd recorded an outflow of RM25.83 million and Malayan Banking Bhd at RM12.88 million.

Total weekly turnover on the exchange slipped to 17.38 billion units valued at RM12.98 billion from 25.35 billion units valued at RM15.97 billion the previous week.

On a weekly basis, the FTSE Bursa Malaysia KLCI gained 25.09 points on previous Friday’s 1,828.82 close.