KUALA LUMPUR (June 4): Foreign selling of Malaysian equities resumed with the disposal of RM1.24 billion last week, after net buying for the previous five weeks.

Prior to that, investors had been net sellers for eight consecutive weeks.

In its weekly fund flow report on Tuesday, the MIDF Research team said foreign investors net sold RM174.6 million last Monday, RM177.5 million last Tuesday, RM313.4 million last Wednesday, RM86.5 million last Thursday, and RM488.7 million last Friday.

“The sectors with the highest net foreign inflows last week were technology (RM108.5 million), transportation and logistics (RM64.8 million), and property (RM22.4 million), while the sectors with the highest net foreign outflows were financial services (RM800 million), utilities (RM250.7 million), and plantation (RM157.4 million).

MIDF said local institutions ended their net selling streak of four weeks by purchasing a total of RM1.03 billion.

It said they bought every trading day, with the highest amount last Friday at RM341.9 million.

“Local retailers concluded their 11-week streak of net selling by purchasing RM205.9 million worth of domestic equities last week.

“In terms of participation, the average daily trading volume declined for local retailers (9.0%) and local institutions (13.6%), but increased for foreign investors (27.3%),” it said.

Commenting on the global situation, MIDF said that last week, most markets experienced a downturn, with 19 out of 20 indices it monitors declining.

“Singapore’s Straits Times was the only performer, increasing by 0.6%.

“The weakest performers were Indonesia’s JCI (3.48%), Hong Kong’s Hang Seng (2.84%), and the Philippines’ PSEi (2.82%),” it said.