By FARA AISYAH / Pic By MUHD AMIN NAHARUL

INTERNATIONAL funds sold RM54.4 million net of local equities last week, less than half of the amount disposed of in the previous week.

MIDF Amanah Investment Bank Bhd said foreign funds pulled out RM18.3 million (US$4.5 million) from Bursa Malaysia during the first three trading days of 2019.

“This is substantially lower than Thailand’s outflow of US$130.4 million net, while Indonesia and the Philippines saw a net inflow of US$54.9 million and US$23.1 million respectively,” the firm said in its fund flow report yesterday.

The research house noted that the local bourse kicked off the year on a sombre note as foreign funds sold RM55.4 million last Wednesday, bringing the foreign net selling streak to 12 days — the longest since the 37-day selling spree recorded from early May to late June 2018.

“Despite Apple Inc’s slash in revenue guidance, foreign investors disregarded the news and took the opportunity to buy RM64.6 million net last Thursday, the largest daily inflow in more than two weeks,” it said.

MIDF said foreign funds then reverted to selling mode last Friday albeit at a moderate pace of RM37.5 million net.

“Optimism was sparked by the China’s services gauge which was outweighed by disappointing US manufacturing data, as the Institute of Supply Management’s manufacturing index fell to 54.1 last month — the lowest level since November 2016,” it said.

However, the participation rate among the various group of investors saw an increase across the board.

The average daily traded value of foreign investors registered the largest weekly advance of 36%, but was still below the healthy level of RM1 billion.

Hong Leong Bank Bhd registered the highest net money inflow of RM12.17 million last week with its share price losing 0.1% for the week, outperforming the local bourse which had a 1.32% weekly loss.

CIMB Group Holdings Bhd recorded the second-highest net money inflow of RM5.59 million as its share price ended 2.6% lower for the week, while Malaysia Airports Holdings Bhd saw the third-highest net money inflow of RM4.47 million as its share price ended 3.37% lower, during the week under review.

Nevertheless, MIDF said it is notable that net money inflow amid retreating share price may indicate a buy on weakness stance among some investors.

Meanwhile, Nestlé (M) Bhd saw the largest net money outflow of RM15.71 million last week with its stock price losing 1.42%, followed by Public Bank Bhd (RM8.54 million), and Genting Bhd (RM5.67 million).