By FARA AISYAH / Pic By MUHD AMIN NAHARUL
Foreign buying momentum continued for the third uninterrupted week on Bursa Malaysia, the longest weekly foreign net buying streak seen since April last year.
MIDF Amanah Investment Bank Bhd analyst Adam M Rahim said the offshore investors bought RM455.1 million net worth of Malaysian equities last week, a slight increase of RM37.8 million from the previous week.
“So far in 2019, Malaysia has seen a foreign net inflow of US$213.5 million or RM879.5 million, the second-lowest among the four Asean markets we monitor.
“The participation rate of foreign investors was stronger last week, indicated by the average daily traded value which jumped by more than 30% for the week to reach RM1.3 billion, the highest in eight weeks,” he said in his weekly fund flow report
CIMB Group Holdings Bhd registered the highest net money inflow of RM16.55 million last week. Its share price gained 0.18% for the week, underperforming the local bourse which had a 0.52% weekly gain.
Tenaga Nasional Bhd recorded the second-highest net money inflow of RM11.08 million with its share price ended 0.29% lower for the week, underperforming the benchmark which was 0.52% higher.
Nonetheless, Adam said it is notable that net money inflow amid retreating share price may indicate a ‘Buy’ on weakness stance among some investors.
Public Bank Bhd saw the third-highest net money inflow of RM9.73 million in the week, while its share price remain unchanged.
Meanwhile, Malayan Banking Bhd had the largest net money outflow of RM15.84 million last week.
However, its stock price gained 1.15%, outperforming vis-à-vis the local bourse which advanced 0.52% during the review week.
Adam said it is notable that the net money outflow amid advancing share price may indicate a ‘Sell’ on strength stance among some investors.
Fraser & Neave Holdings Bhd recorded the second- largest net money outflow of RM13.97 million during the week under review. Its share price gained 2.93% for the week, outperforming the market benchmark which had a 0.52% weekly gain.
Genting Malaysia Bhd registered the third-largest net money outflow of RM11.98 million in the reviewed week. Its share price ended 3.64% lower during the week, underperforming the benchmark which had a 0.52% weekly gain.