Malaysia: Global funds continue to increase their holdings in stocks listed on Bursa Malaysia for the third uninterrupted week, with RM772.2 million inflows recorded last week.
MIDF Research opined that foreign investors heavily entered into Bursa Malaysia on Monday with a net buying totalling RM369.2 million, the highest acquisition in a day since April 28, 2017.
“We ascribe the intense foreign buying on Monday to the strengthening of the ringgit to a 16-month high of USD/MYR3.9975 and firmer oil prices,” it said.
Thereafter, foreign inflows began to gradually taper until Wednesday where it went below RM100 million net, in tandem with the decline of the FBM KLCI from 1,832 points on Monday to 1,823 points on Wednesday.
Foreign investors then turned net sellers on a marginal scale on Thursday as they sold off RM16.8 million net, snapping the buying streak of 12 trading days.
“Risk on mood was hampered on Thursday following the losses suffered by Wall Street on Wednesday due to concerns over the rapid rise in the US treasury yields,” it said.
Nonetheless, MIDF said foreign buying regained its momentum on Friday with a net inflow of RM182.3 million which coincided with the 0.32 per cent gain in the FBM KLCI.
Further, sentiment on Bursa Malaysia improved as Malaysia’s industrial production index grew by five per cent year-on-year in November 2017.
Looking at stocks, shares of Kuchai Development Bhd soared by 30 per cent to an 11-year high of RM2.28 per share after news reporting that the company may be the biggest beneficiary from the listing of Great Eastern’s insurance arm in Malaysia.
MIDF said foreign participation remained vibrant as the foreign average daily trade value (ADTV) stood above the RM1 billion mark at RM1.38 billion.
The retail ADTV was also impressive, reaching RM2.13 billion last week, a level not seen since February 2012, it said.
MIDF said Tenaga Nasional Bhd registered the highest net money inflow of RM23.42 million last week, followed by Sime Darby Bhd (RM10.64 million) and Nestle (Malaysia) Bhd (RM5.29 million).
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