KUALA LUMPUR (Feb 19): Foreign buying of Malaysian equities extended for a fourth week to RM352.9 million last week, a tad lower than the RM400.7 million the prior week.

In its weekly fund flow report on Monday, the MIDF Research team said throughout the week, foreigners recorded net buying every day, with the highest inflow observed last Tuesday at RM193.0 million, following the market’s reopening.

“The sectors with the highest net foreign inflows were financial services  (RM143.6 million), telecommunications and media (RM95.0 million), and technology (RM61.4 million), while the sectors with the highest net foreign outflows were utilities (RM29.0 million), real estate investment trusts (RM19.1 million), and construction (RM16.3 million).

“Local institutions continued their trend of net selling domestic equities for the fourth consecutive week, totalling RM277.5 million,” it said.

MIDF said for the second consecutive week, local retailers remained consistent in their pattern of net selling domestic equities, with total sales reaching RM75.5 million last week.

It said in terms of participation, there were increases in the average daily trading volume among local retailers (12.1%) and local institutions (15.0%), but a decline among foreign investors (11.4%).

Commenting on the international markets, MIDF said that despite lingering uncertainties surrounding the US Federal Reserve’s (Fed) rate cut plans, most major indices saw gains last week.

It said US consumer prices surged at the beginning of the year, dampening expectations for a sustained decline in inflation and probably postponing any interest rate cuts by the Fed.

“Last week, 16 out of the 20 major indices tracked showed gains, with top performers being Japan’s Nikkei 225 (4.31%), Hong Kong’s Hang Seng (3.77%), and Taiwan’s TAIEX (2.82%).

“Conversely, notable decliners included the Nasdaq (1.34%), the S&P 500 (0.42%), and Thailand’s SET (0.15%),” it said.