Foreigners shorted RM1.2b worth of equities

FOREIGN investors were net seller of RM1.18 billion worth of Malaysian equities last week, stretching the selling process to the eighth consecutive week.

MIDF Amanah Investment Bank Bhd research noted the escalation of trade tension between Washington and Beijing and retaliation tariff imposed by the US contributed to the selling pressure by foreign funds.

Cumulatively on a month-to-month basis, Malaysia has recorded a net outflow of RM1.71 billion from the stock market in May. This brings the year-to-date foreign net outflows from the nation to RM4.46 billion.

Similar trend can be seen across Asian markets where a total of US$4.1 billion was pulled out by foreign investors.

Tenaga Nasional Bhd registered a total of RM6.44 million net inflow, while IHH Healthcare Bhd and Petronas Chemicals Group Bhd recorded RM5.38 million and RM5.03 million net inflows respectively. They were the top three counters with highest net money inflow last week.

Public Bank Bhd recorded an outflow of RM8.04 million, followed by Axiata Group Bhd and Malayan Banking with outflows of RM6.14 million and RM5.96 million respectively. They were the top three counters with the highest net money outflow last week, MIDF stated. — TMR