KUALA LUMPUR (May 27): Foreign buying of Malaysian equities was sustained for the fifth consecutive week, albeit dropping 46% to RM474.1 million last week, from RM873.9 million the prior week, during a shortened trading period, in conjunction with the Wesak Day holiday last Wednesday.

In its weekly fund flow report on Monday, the MIDF Research team said foreign investors net bought RM102.6 million last Monday and RM474.5 million last Thursday, and net sold RM26.2 million last Tuesday and RM76.8 million last Friday.

MIDF said the sectors with the highest net foreign inflows last week were transportation and logistics (RM221.4 million), technology (RM183.3 million), and construction (RM77.0 million), while the sectors with the highest net foreign outflows were plantation (RM40.7 million), healthcare (RM34.2 million), and consumer products and services (RM34.0 million).

“Local institutions continued their net selling streak for the fourth week in a row, with a total of RM192.5 million.

“They net sold RM36.1 million last Monday and RM355.3 million last Thursday, and net bought RM101.9 million last Tuesday and RM97.0 million last Friday,” it said.

The research house said that, meanwhile, local retailers persisted in their net selling, stretching into the 11th straight week, after they net sold RM281.6 million.

It said they net sold every day last week, and had been net selling for nine consecutive trading days.

MIDF said that in terms of participation, the average daily trading volume increased for local retailers (7.1%), local institutions (12.4%), and foreign investors (18.3%).

Commenting on the international situation, the house said most markets took a step back last week, with 13 out of the 20 indices it monitors declining.

“Notable performers included the Sensex (2.02%), Taiwan’s TAIEX (1.44%), and the Nasdaq (1.41%).

“On the flip side, the weakest performers were Hong Kong’s Hang Seng Index (4.83%), the Dow (2.33%), and the CSI 300 (2.08%),” MIDF added.