Equity buying by local institutions hit six-year high, supporting Bursa amid major outflows

KUALA LUMPUR, April 22 — The net purchases by local institutions on Bursa Malaysia hit a six-year high last week, totalling RM1.79 billion versus the RM430.7 million worth of...

The net purchases by local institutions on Bursa Malaysia hit a six-year high last week, totalling RM1.79 billion versus the RM430.7 million worth of domestic equities sought after in the week before, said MIDF Research. — Picture by Hari Anggara.KUALA LUMPUR, April 22 — The net purchases by local institutions on Bursa Malaysia hit a six-year high last week, totalling RM1.79 billion versus the RM430.7 million worth of domestic equities sought after in the week before, said MIDF Research.

Nevertheless, like most of its Asian counterparts, Bursa Malaysia recorded massive net selling last week, amounting to RM1.59 billion, the highest weekly net outflow in four years, when the country went into movement control order in March 2020.“They net sold every day last week and have been net selling Malaysian equities for nine straight trading days.

MIDF Research said foreign investors turned extra cautious amid rising geopolitical conflicts, apart from concerns that interest rates in the US will remain higher for longer.As for local retailers, they also remained net sellers for the sixth consecutive week, with net sales worth RM195.8 million.In terms of participation, the average daily trading volume saw increases across the board, led by local institutions , followed by foreign investors and local retailers at 28.4 per cent and 19.

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