The figure, which was 2.3 times higher than the week prior, marked the highest net foreign inflow over the past eight weeks, said MIDF Research in its weekly fund flow report today.

It noted that foreign investors were net buyers every day in the last week, registering net purchases of over RM100 million daily except on Thursday when the amount moderated to RM48.7 million after the US Federal Reserve (Fed) paused interest rate hikes for the second time this year.

The top three sectors that posted the highest net foreign inflows were utilities (RM197 million), transportation and logistics (RM110.1 million) and consumer products and services (RM72.8 million).

Meanwhile, MIDF Research said the only three sectors with net foreign outflows were industrial products and services (-RM38.6 million), healthcare (-RM37.5 million) and telecommunication and media (-RM8.4 million).

“Year-to-date, foreign investors have been net sellers, amounting to RM1.92 billion,” MIDF Research said in the report.

Meanwhile, local institutions maintained their net selling stance last week at RM472.5 million, the highest figure recorded since the week ended Aug 19, 2022 when they net sold RM675.9 million.

MIDF Research said local institutions have been net sellers every day of the week with a net selling streak of eight days.

Year-to-date, local institutions have net bought RM2.68 billion.

Meanwhile local retailers continued to net sell for the 11th straight week after disposing of RM78.4 million net last week.

“The net selling trend has not been seen in recent years. They net bought RM22.3 million on Thursday but were net sellers for the rest of the week,” MIDF Research said.

Year-to-date, retailers have net sold RM765.7 million.

In terms of participation, MIDF Research said there was a decrease in average daily trading volume among foreign investors by 39.9% last week, while local retailers and local institutions saw increases of 16% and 14%, respectively.