KUALA LUMPUR: Foreign investors continued to exit Bursa Malaysia for the May 18-21 period, recording a total net outflow of RM394.34 million, as the country entered the third week of its Conditional Movement Control Order (CMCO) enforcement amidst the Covid-19 (coronavirus) pandemic.
The amount was lower compared with two consecutive weeks previously, on May 12-14 and May 4-7, which recorded RM734.18 million and RM736.28 million, respectively, of foreign net selling.
The CMCO was announced by the Prime Minister Tan Sri Muhyiddin Yassin, under which most economic and social activities are allowed to operate starting from May 4, following positive results from two to six strategies to combat Covid-19 -- strict measures to contain the outbreak and building resilience through the Prihatin Rakyat Economic Stimulus Package.
"Local institutions recorded a lower net buy of RM389.29 million between May 18 and May 21 compared with RM611.27 million previously, while local retail investors’ net buy this week eased to RM5.04 million from RM122.91 million before,” he told Bernama. "Nonetheless, economic numbers continue to remain weak, alongside the potential standoff between the US and China over the latest security law in Hong Kong,” he added.
"It’s a bit of a tug of war between optimism on the reopening of the economy and geopolitical risks, and to some degree, the intermittent rise in new infection cases as well as weak economic data that would result in market sentiments to remain guarded,” he said. On Monday last week, the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, during his royal address at the opening of the third term of the 14th Parliament, had called on the government to look for ways to help companies and businesses affected by the COVID-19 pandemic.
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