KUALA LUMPUR, Jan 29 — Foreign buying momentum continued for the fifth consecutive week on Bursa Malaysia, acquiring RM872.7 million net in local equities last week, higher than the RM702.2 million bought in the previous week.
Foreign buying peaked on Tuesday, as foreign investors pumped in RM254.4 million net of funds, the highest acquisition in a day since Jan 8, 2018, before registering a big dip in buying activity on Wednesday as the net inflow retreated to RM93.7 million.
“We ascribe the intense buying on Tuesday to the strengthening of the ringgit to a 64-week high of 3.927 per US dollar and firmer oil prices,” said MIDF Amanah Investment Bank Bhd in a research note today.
Foreign participation remained vibrant last week as the foreign average daily trade value (ADTV) stood at above the RM1 billion mark at RM1.13 billion.
The retail market on the other hand had a 20.5 per cent decline in ADTV, but still remained healthy at RM1.40 billion.
United Plantation Bhd registered the highest net money inflow of RM21.29 million last week, followed by Dialog Group Bhd at RM5.94 million and Bursa Malaysia at RM5.39 million.
Meanwhile, the FBM KLCI advanced 1.37 per cent to close at 1,853.92 points last Friday, logging its ninth uninterrupted week of gains, while the ringgit continued to appreciate for its fifth week, advancing by 1.72 per cent against the greenback to settle at 3.8710. — Bernama
