Published: Monday February 4, 2013 MYT 1:50:00 PM
Foreign funds buy net RM458m of Malaysian equities in week ended Jan 31
KUALA LUMPUR: Foreign funds continued to buy Malaysian equities in the week ended Jan 31, 2013, picking up net RM458mil of equities in the three-day trading week, according to MIDF Equity Research.
It said on Monday that foreign investors resumed their buying of Malaysian equities at a rate consistent with that before the FBM KLCI's dramatic fall on Jan 22-23.
"Until last week, foreign investors had been net buyers of Malaysia equity for eight weeks in a row. On a net basis, foreign investors bought net RM458.5mil in the open market, compared with net RM27.6mil the week before," it said.
MIDF Research said during the three-day trading week, foreign funds were net buyers every single trading day last week.
"In January, foreign investors already bought RM2.55bil net of Malaysian equities compared with net RM13.7bil in 2012," it said.
However, local retail investors sold net RM322mil, which was the highest since December 2011, adding the local retailers were net sellers in the market for nine straight weeks until Jan 31.
"Given the persistent selling, we are not hopeful that there will be a pre-Chinese New Year rally this year," it pointed out.
MID Research also said local institutions were less supportive of prices last week, withdrawing RM136.1mil net.