{"id":4258,"date":"2020-06-14T11:30:30","date_gmt":"2020-06-14T03:30:30","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=4258"},"modified":"2020-06-15T12:45:13","modified_gmt":"2020-06-15T04:45:13","slug":"foreign-investors-pulled-out-rm523-8-million-last-week","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=4258","title":{"rendered":"Foreign investors pulled out RM523.8 million last week"},"content":{"rendered":"
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KUALA LUMPUR, June 14 — Foreign investors\u00a0pulled 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million net of equities from the local market from Tuesday to Thursday, about half of the total RM1.15 billion net withdrawn in the preceding week.<\/p>\n

MIDF Amanah Investment Bank Bhd analyst Adam Mohamed Rahim said the week began on a sluggish note as foreign investors offloaded\u00a0RM250.6 million net of local equities on Tuesday.<\/p>\n<\/div>\n

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\u201cNevertheless, foreign funds came into the local market at a tune of RM1.44 billion net on Wednesday, snapping the 11-day selling spree on Bursa Malaysia,\u201d he told Bernama.<\/p>\n

\"million\"<\/p>\n<\/div>\n

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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.<\/p>\n

The risk-on sentiment was spurred on the same day amidst the Recovery Movement Control Order (RMCO) which took effect from June 10 until August 31.<\/p>\n<\/div>\n

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\u201cHowever, the foreign net buying in the local market was short-lived on Thursday as international funds sold RM274.6 million net as investors\u2019 appetite was adversely affected by the disappointing US consumer prices which posted a third straight monthly drop in May 2020,\u201d said Adam.<\/p>\n<\/div>\n

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Prime Minister Tan Sri Muhyiddin Yassin announced the RMCO\u00a0to replace the Conditional Movement Control Order (CMCO) which began from May 4 until\u00a0June 9.<\/p>\n

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\u00a0RM385.1 million net.<\/p>\n<\/div>\n

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Bursa Malaysia is expected to continue its correction mode to trade with a downside bias next week.<\/p>\n

According to an analyst, the correction phase in the FBMKLCI\u00a0is\u00a0expected as the\u00a0price-earnings multiples are quite stretched and on the upside while the index level had\u00a0been hovering at an overbought region.<\/p>\n

\u201cCurrently, the resistance and support levels stand\u00a0at 1,580 and 1,510 points respectively. The 200-day simple moving average stands at 1,516 points,\u201d he said.<\/p>\n

The local equity\u00a0market was closed on Monday in conjunction with the official birthday of the Yang di-Pertuan Agong.<\/p>\n

— BERNAMA<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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