By SHAZNI ONG / Pic By TMR
Foreign funds sold RM416.7 million net worth of local equities last week, compared to RM162.1 million net worth the prior week.
MIDF Amanah Investment Bank Bhd, in a research note yesterday, stated the outflow is the fourth time that weekly foreign net selling reached above RM400 million in 2019.
“The slump in banking stocks outweighed the signs of stabilisation shown by manufacturing activity in China in March 2019, hampering sentiment,” the research report added.
The local bourse hit 1,628.7 points, a level not seen since late December 2016.
On a year-to-date basis, foreign funds have sold RM1.76 billion net worth of local equities.
Foreign investors remained net buyers of Malaysia’s debt in March, with total holding up RM2.9 billion or 1.6% month-on-month to RM190 billion.
The share of total foreign holdings of Malaysia’s debt expanded to 13.3%, Kenanga Research noted, adding that they were net sellers on local equity with a net outflow of RM1.6 billion in March.
Foreign holdings’ share of total Malaysian Government Securities and Government Investment Issues rose to 38.7% and 5.8% respectively.