THE local equity market had some of the most robust presence of foreign investors last week when they net bought in Bursa Malaysia for the week ended May 3.
The week ended with net inflows surging 3.6 times from the week before to RM1.06 billion as they net bought every day of the week.
It was the strongest weekly net buying amount in two years. The last time Malaysia saw such heavy inflows was the week ended March 18, 2022 at RM1.18 billion, according to MIDF Research in its weekly fund flow tracker.
It noted that foreign funds had returned to Asia at a rate of US$1.09 billion last week after two weeks of net selling, supported by strong net buying activities in Taiwan, tracking positive movement of tech stocks on Wall Street.
South Korea and Malaysia were the two other countries that saw net buying by foreigners while the five other countries that we track saw net outflows, the report said.
It noted that local institutions took a breather from their strong support for the local market when they net sold RM943.1 million last week, after net buying for nine straight weeks. – TMR