By DASHVEENJIT KAUR
Foreign investors mopped up a net total of RM3.38 billion for the first month of this year, eight times more than the RM418.8 million net acquired in the same period last year, MIDF Research yesterday noted.
Global funds have been entering the local stock market for the sixth uninterrupted week, albeit at a slower pace, following the holiday shortened week.
Based on preliminary data from Bursa Malaysia which excluded off-market deals, MIDF noted international investors acquired net RM344.6 million worth of local equities last week.
The amount is so to be less than half of the RM872.6 million net acquired in the preceding week. During the threeday trading week, foreign investors were net buyers for two days. Foreign participation remained active as the foreign average daily trade value (ADTV) has been standing above the RM1 billion level for the past five weeks.
On a weekly basis, MIDF said the foreign ADTV increased by 46% from RM1.1 billion in the previous week to RM1.6 billion last week, the highest since June last year.
The buying helped the FTSE Bursa Malaysia KLCI benchmark to settle at its highest level in more than three years at 1,870 points at market close last Friday.
The ringgit staged its first weekly drop last week to RM3.8855 after five weeks of gains, attributable to the strengthening of the dollar.
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