Foreign selling returns after 3 weeks of inflows


Foreign funds sold a net RM69 million worth of Malaysia equities last week, the second-smallest weekly foreign net outflow recorded in 2018 so far.

MIDF Research — in its weekly fund flow report yesterday — noted after three uninterrupted weeks of foreign net inflows into Bursa Malaysia-listed stocks, international investors turned into selling mode, albeit at a marginal pace.

The country saw the lowest level of foreign attrition last week against the Philippines, Thailand and Indonesia markets.

“Bursa Malaysia saw a decent foreign net inflow of RM19.7 million last Monday, but was later cancelled off by a small net outflow worth RM36.2 million last Tuesday despite the revised trade pact between the US and Canada.

“Foreign funds were on a roll last Wednesday and Thursday as they mopped up local stocks worth more than RM70 million on both days. Interestingly, foreign investors in other regional peers — namely the Philippines, Thailand and Indonesia — were reducing their exposure during the same period,” the report read.

It added that offshore funds were back in selling mode last Friday, but at a heightened level of RM209.3 million net, the highest in 16 trading days.

Risk aversion was spurred by the rise in US 10-year Treasury yields overnight, which breached above 3.2% — a level not seen in seven years.

MIDF added that the total foreign net outflow from Malaysia for the year to date stood at RM8.6 billion, offsetting 86% of last year’s RM10.3 billion in net inflows.

Weekly average daily traded value ended 8.2% below the RM1 billion mark for the first time in 13 weeks.

Participation by the retail market and local institutional funds remained healthy above RM800 million and RM2 billion respectively.

Public Bank Bhd registered the highest net money inflow of RM40.29 million last week, followed by UMW Holdings Bhd (RM6.77 million) and British American Tobacco (M) Bhd (RM5.63 million).

Petronas Chemicals Group Bhd saw the largest net money outflow of RM47.52 million last week, followed by Tenaga Nasional Bhd (RM18.48 million), Petronas Gas Bhd (RM8.3 million) and Gamuda Bhd (RM6.61 million).


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