Agenda Daily

Foreign funds continue to flow into Bursa

Global funds continue to increase their holdings in stocks listed on Bursa for the third uninterrupted week, according to MIDF Research.

“Based on preliminary data from Bursa which excluded off market deals, international investors acquired RM772.2mil net of local equities last week, lower than the RM915.5mil net mopped up in the preceding week,” MIDF said in its weekly fund flow report.

The research house noted that foreign investors were net buyers four out of five trading days.

Foreign investors heavily entered into Bursa on Monday with a net buying totalling RM369.2mil, the highest acquisition in a day since 28 April 2017.

“We ascribe the intense foreign buying on Monday to the strengthening of the Ringgit to a 16-month high of USD/MYR3.9975 and firmer oil prices,” MIDF said.

Thereafter, the foreign inflows began to gradually taper until Wednesday where it went below RM100mil net, in tandem with the decline of the FBM KLCI from 1,832 points on Monday to 1,823 points on Wednesday.

Foreign investors then turned net sellers on a marginal scale on Thursday as they sold off RM16.8m net, snapping the buying streak of 12 trading days.

Risk on mood was hampered on Thursday following the losses suffered by Wall Street on Wednesday due to concerns over the rapid rise in U.S treasury yields.

Nonetheless, MIDF said foreign buying regained its momentum on Friday with a net inflow of RM182.3mil which coincided with the 0.32% gain in the FBM KLCI.

“Sentiment on Bursa improved as Malaysia’s IPI grew by 5% year-on-year in November 2017.

“Looking at stocks, shares of Kuchai Development Bhd soared by 30% to an 11-year high of RM2.28 per share after news reporting that the company may be the biggest beneficiary from the listing of Great Eastern’s insurance arm in Malaysia,” MIDF said.

Foreign participation remained vibrant as the foreign average daily trade value (ADTV) stood above the RM1bil mark at RM1.38bil.

The retail ADTV was also impressive, reaching RM2.13bil last week, a level not seen since February 2012.

Maybank recorded the second largest money outflow of RM25.73mil and Petronas Chemicals saw RM20.72mil of net money outflow.-15/1/2018

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