{"id":6387,"date":"2020-10-18T13:29:02","date_gmt":"2020-10-18T05:29:02","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=6387"},"modified":"2020-10-18T13:29:06","modified_gmt":"2020-10-18T05:29:06","slug":"foreign-selling-of-local-equities-remained-modest-at-rm86m","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=6387","title":{"rendered":"Foreign selling of local equities remained modest at RM86m"},"content":{"rendered":"\n

KUALA LUMPUR, Oct 18 — Foreign selling of local equities on Bursa Malaysia from Monday to Thursday this week remained modest at RM86.0 million net compared with RM27.8 million for the whole of the preceding week.<\/p>\n\n\n\n

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said this brings the year-to-date foreign net outflow from Malaysia to RM22.42 billion.<\/p>\n\n\n\n

In terms of participation, he viewed the average daily traded value (ADTV) on a four-day basis (Monday-Thursday) of foreign investors on Bursa Malaysia remained commendable at RM1.4 billion.<\/p>\n\n\n\n

\u201cIt is worthwhile to note that the ADTV of foreign investors has stayed above the RM1.0 billion mark for the past 16 consecutive weeks.<\/p>\n\n\n\n

\u2018This indicates that international investors are still actively trading on Bursa Malaysia\u00a0despite the lingering political jitters,\u201d he told Bernama.<\/p>\n\n\n\n

\"remained\"<\/figure><\/div>\n\n\n\n

For the trading week (Oct 12-15), he said foreign investors were trading in a cautious mode, with the overall tone staying mixed. Foreign investors turned net buyers on Monday and Tuesday and net sellers on Wednesday and Thursday.<\/p>\n\n\n\n

Adam said Bursa Malaysia started the week on the right foot on Monday as international investors snapped up RM39.0 million net of local equities but the local bourse was down by 11.9 per cent amid some profit-taking ahead of Opposition leader Datuk Seri Anwar Ibrahim\u2019s audience with the Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah on Tuesday.<\/p>\n\n\n\n

\u201cAnother contributing factor to the slump in the local market was the announcement of the Conditional Movement Control Order (CMCO) for Selangor, Putrajaya, Kuala Lumpur and Sabah by the government on Monday to curb COVID-19,\u201d he noted.<\/p>\n\n\n\n

He said international funds remained net buyers on Tuesday albeit at a slower pace of RM10.0 million net.<\/p>\n\n\n\n

The political jitters amid the outcome of Anwar\u2019s audience with the Yang di-Pertuan Agong was partially offset by news that China pledged to buy 1.7 million tonnes of Malaysian palm oil until 2021, said Adam.<\/p>\n\n\n\n

\u201cTherefore, majority of plantation counters such as IOI Corporation and Kuala Kepong ended in the green zone on Tuesday,\u201d he added.<\/p>\n\n\n\n

He said offshore investors took a break from acquiring Malaysian equities and instead sold RM87.0 million net of equities on Wednesday, snapping the four-day buying spree, with much of the negativity coming from the deadlock in the US stimulus talks.<\/p>\n\n\n\n

He said foreign net selling slowed down to RM48.0 million on Thursday with sentiment towards glove makers turning sour following the move by the US Department of Labour to put Malaysian-made rubber products on the list of products that allegedly used child or forced labour.<\/p>\n\n\n\n

\u201cIn addition, tensions between the US and China escalated further as US President Donald Trump was considering to include China\u2019s Ant Group into a trade blacklist before the company plans to go for a dual listing in Shanghai and Hong Kong,\u201d he added.<\/p>\n\n\n\n

\u00a0— BERNAMA<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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