KUALA LUMPUR (Aug 26): Foreign investors were net buyers every day last week, except last Friday, and purchased a net total of RM1.4 billion of local equities, nearly five times the RM299.6 million net bought the week before, according to MIDF Research. 

Last Friday, foreign investors sold off RM1.6 million, while the largest net inflow occurred last Monday, totalling RM574.9 million, the research house wrote in a note to clients.

“The sectors that recorded the highest net foreign inflow were financial services (RM1.3 billion), utilities (RM118.9 million), and telecommunication and media (RM54.8 million), while the sectors with the highest net foreign outflows were technology (-RM140.2 million), consumer products and services (-RM50.2 million), and property (-RM25.9 million),” MIDF said. 

For financial services, foreign investors’ top buys were Public Bank Bhd (KL:PBBANK), Malayan Banking Bhd (KL:MAYBANK) and CIMB Group Holdings Bhd (KL:CIMB). 

Meanwhile, local institutions were net sellers every trading day last week, and continued to offload domestic equities for the second consecutive week, with a total net sale of RM1.12 billion.

Local retailers only recorded a net purchase last Friday, amounting to RM78.2 million, resulting in a total net sell of RM284.4 million for the week. 

“The average daily trading volume showed increases across all investor classes. Foreign investors recorded the highest increase at 35.8%, while local institutions and local retailers recorded increases of 33.1% and 19.0% respectively,” said MIDF.

Net foreign inflows for the month of August so far amounted to RM1.05 billion, and RM1.54 billion year-to-date, according to data from Affin Hwang Investment Bank.