Despite it being a shorter trading week given the Federal Territory Day holiday last Wednesday, the foreign funds took out more than six times the amount they did the previous week. That week, they sold RM57.8 million worth of Malaysian equities.

In a note released today, MIDF Research said Thursday was the only day when a net inflow was recorded, when foreign investors returned from the one-day break to invest RM35.6 million into the local market.

The heaviest selling by foreign funds came on Tuesday when they dumped RM98.9 million worth of their holdings.

“The top three sectors which saw net inflows by foreign investors last week were consumer products and services at RM58.7 million, technology at RM23.7 million and telecommunications and media at RM15.7 million.

“The three sectors with net outflows were financial services at RM174 million, healthcare at RM43.3 million and plantation at RM35.9 million. Year to date, foreign investors have net sold RM89.1 million,” MIDF Research said.

At the same time, it said, local institutions maintained their shopping spree on Bursa Malaysia, buying RM130.6 million worth of equities last week, their fourth consecutive week of net buying.

“Local retailers turned net buyers last week, reversing the net selling trend of the three previous weeks. They had bought RM49.4 million worth of stocks as of last Friday. They only net sold RM36 million on Thursday but were net buyers of RM38.9 million on Monday, RM39.6 million on Tuesday and RM6.9 million on Friday,” it said.

In terms of participation, MIDF Research said, there was an increase in average daily trading volume across the board by 64.7%, 19.6% and 7.8% from foreign investors, local institutions and local retailers respectively.