KUALA LUMPUR: Foreign investors pulled out RM523.8 million net of equities from the local market from Tuesday to Thursday, about half of the total RM1.15 billion net withdrawn in the preceding week.
MIDF Amanah Investment Bank Bhd analyst Adam Mohamed Rahim said the week began on a sluggish note as foreign investors offloaded RM250.6 million net of local equities on Tuesday.
Adam said the modest entry of foreign funds into Malaysia on Wednesday coincided with the local bourse which settled at 1,575.27 points, the highest close since late January 2020. "However, the foreign net buying in the local market was short-lived on Thursday as international funds sold RM274.6 million net as investors’ appetite was adversely affected by the disappointing US consumer prices which posted a third straight monthly drop in May 2020, ” said Adam.
Adam said aside from foreign participation, retail investors also remained active in the local market emerging as net buyers from Tuesday to Thursday with a total of RM385.1 million net.According to an analyst, the correction phase in the KLCI is expected as the price-earnings multiples are quite stretched and on the upside while the index level had been hovering at an overbought region.
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