Foreign funds sold RM52m of local equities last week

By TMR

Foreign funds sold a net RM52.3 million worth of Malaysian equities last week, which is less than half the amount withdrawn in the preceding week.

MIDF Amanah Investment Bank Bhd’s fund flow report noted international funds withdrew RM151.7 million net of local equities, the biggest foreign attrition during the week as it reopened last Wednesday.

“This follows the sharp 6.4% drop in Brent crude oil price overnight as concerns of a global oversupply continue looming. The massive outflow was in conformity with other regional peers, namely South Korea and Thailand,” it noted.

The research outfit added that November is poised to be another month of outflows with the month-to-date outflow as of last Friday amounting to RM474.1 million net.

Foreign investors have sold RM10.42 billion of local equities year-to-date which offsets last year’s inflow of RM10.33 billion.

Sime Darby Plantation Bhd registered the highest net money inflow of RM3.9 million last week, followed by Genting Bhd at RM3.78 million, and British American Tobacco (M) Bhd at RM2.88 million.

Tenaga Nasional Bhd saw the largest net money outflow of RM16.06 million last week, followed by Top Glove Corp Bhd at RM10.59 million and Hong Leong Financial Group Bhd at RM8.54 million.