FOREIGN investors have been net sellers on Bursa Malaysia for the past seven consecutive weeks.

For the week ended June 2, the net foreign outflow by foreign investors amounted to RM506.5 million, a level last seen in the middle of March 2023, reports MIDF Research.

In a fund flow report released this morning, it said foreign investors have been sellers for 16 out of 22 weeks this year, with a total net foreign outflow of RM2.96 billion.

Every trading day last week was a net selling day by the foreigners, with Wednesday seeing the heaviest net selling for the week at RM199.3 million. The top three counters that foreigners have net sold on on the day were RHB Bank Bhd, Hap Seng Consolidated Bhd and Public Bank Bhd.

It noted that local institutional investors had turned net buyers last week at RM372.9 million while local retailers remained net buyers for the second consecutive week after net buying RM133.6 million last week.

The report also noted that FBM KLCI, down 1.55%, was the biggest weekly loser among the 20 global major indices that it tracked.

“Fears of a credit default in the US were alleviated following an agreement between the House of Representatives and the Senate to lift the debt ceiling for two years. Major benchmarks continued to advance, especially on Thursday and Friday following a strong jobs report from the US,” it said. – TMR