By TMR

Foreign funds sold RM417.3 million net worth of Malaysian equities last week, more than twice the amount withdrawn in the preceding week.

MIDF Amanah Investment Bank Bhd’s fund flow report noted the selling came early in the trading week with net selling swelling to RM177.8 million last Tuesday and hitting the RM200 million mark last Wednesday.

“Investor sentiment was hampered by the weakness of Brent crude oil prices that marked its losing streak of six days coupled with Monday’s slump in technology stocks on Wall Street,” the MIDF report noted.

November has so far recorded a foreign net outflow of RM421.8 million, while foreign investors have sold RM10.37 billion net worth of local equities on a year-to-date basis.

Malaysia has the second- lowest foreign net outflow among the four Asean markets under MIDF’s monitor.

Malaysia Airports Holdings Bhd saw a net money inflow for the week, raking in RM6.09 million, while its share price outperformed the benchmark index with a 1.62% gain.

The second-highest beneficiary of money inflow was Genting Bhd with RM4.48 million, followed by MISC Bhd with RM3.53 million.

Tenaga Nasional Bhd saw the largest net money outflow at RM20.45 million last week, followed by Dialog Group Bhd and Hartalega Holdings Bhd with RM10.37 million and RM9.16 million respectively during the week under review, the MIDF report noted. — TMR