By LYDIA NATHAN / Pic By MUHD AMIN NAHARUL

OFFSHORE funds sold some RM319 million net worth of local equities last week, matching the RM369.2 million net outflow in the preceding week.

MIDF Amanah Investment Bank Bhd noted in a report yesterday that the local bourse saw a net inflow of RM118.1 million last week on signs of progress in the US-China trade negotiations, before foreign funds turned sellers.

The selling later in the week was sentiment-driven and was based on the economic data showing local consumer prices declining 0.7% yearon- year in January 2019.

“With four trading days left in the month of February, foreign investors have so far disposed of RM525.1 million net, bringing the year-to-date (YTD) foreign net inflow into Malaysia to RM501.4 million,” the report stated.

Malaysia remains as the nation with the lowest foreign net inflow among the four Asean markets, with Indonesia taking the lead with a YTD net inflow of US$755.8 million (RM3.07 billion). Participation among all investor groups increased during the week with average daily traded value increasing by 41% to remain above the healthy level of RM1 billion.

Funds flowed into UMW Holdings Bhd, Malayan Banking Bhd and Top Glove Corp Bhd, but left counters like Public Bank Bhd, CIMB Group Holdings Bhd and Tenaga Nasional Bhd, the investment bank’s report stated.