Foreign funds net sell Bursa Malaysia, led by 3 banking stocks

FOREIGN funds left Bursa Malaysia last week at a rate of RM441.1 million after two consecutive weeks of net inflows, led by net selling of three large banking stocks.

Local institutions and retailers were net buyers in the week ended June 21, according to a fund flow report by MIDF Amanah Investment Bank Bhd (MIDF Research).

The top three stocks net sold by foreign investors were Public Bank Bhd, CIMB Group Holdings Bhd and Malayan Banking Bhd (Maybank) while the top three counters net bought were VS Industry bhd, Press Metal Aluminium Holdings Bhd and Inari Amertron Bhd.

VS Industry was also the most actively net sold counter for local retail investors.

Abroad, the report noted that the US economy expanded in June at the fastest pace in over two years, according to a pair of S&P surveys, driven by growing optimism among business leaders. The S&P flash US services index of purchasing managers increased to a 26-month high of 55.1 in June, up from 54.8 in May.

It also noted that China’s central bank opted to maintain a key interest rate unchanged for the 10th consecutive month, indicating a cautious approach towards monetary easing amid ample liquidity and the imperative to stabilise the yuan exchange rate.

The People’s Bank of China (PBC) held the one-year policy loans, known as the medium-term lending facility (MLF), at 2.5% on Monday (June 24). — TMR