MIDF Research said the net inflows could be attributed to foreigners indulging in bargain hunting after the recent sell-off, possibly resulting from some switching activities and domestic politics.

“Foreigners started the week by net selling RM61.1 million worth of equities on Monday and RM0.8 million on Tuesday before turning to net buyers for the rest of the week.

“They net bought RM55.5 million on Wednesday, RM22.4 million on Thursday and RM35.2 million on Friday,” said the research firm.

It said the top three sectors with net foreign inflows were consumer products and services at RM63.9 million, financial services at RM50.9 million and utilities at RM19.1 million.

Meanwhile, the top three sectors that recorded net foreign outflows were plantation at RM33.6 million, industrial products and services at RM32.3 million, and healthcare at RM20.1 million.

Conversely, local institutions ended their three week streak of net buying as they net sold RM52.1 million last week.

MIDF Research said they started off the week by net buying RM61.1 million, before net selling for the rest of the week.

The heaviest net selling day was on Wednesday at RM76.2 million.

Meanwhile, local retailers remained net buyers for the third consecutive week, albeit at a lower rate of RM0.9 million. In the previous week, the net buying rate was higher at RM35.6 million.

Foreign investors were net buyers for 27 out of the 51 weeks of 2022, with a total net inflow of RM4.59 billion, whereas local institutions were net sellers for 33 out of 51 weeks, with a total net outflow of RM6.71 billion.

Local retailers were net buyers for 32 out of 51 weeks, worth RM2.13 billion year to date.

In terms of participation, there was a decline in average daily trading volume among foreign investors, local institutions and retailers by 29.9%, 16.3% and 4.9% respectively.