KUALA LUMPUR: After four weeks of inflow into the Malaysian stock market, foreign funds reversed course to a net outflow amounting to RM392.3mil.
The outflow of funds comes amid profit-taking activity on the market as investors cashed in on blue chips ahead of fresh trading catalysts.
According to MIDF Research, foreign investors were net sellers on everyday of the week, taking a bite out of the RM3.29bil in net inflows the market registered during the prior four-week buying streak.
The sectors that recorded the most net foreign outflows were financial services (RM240.9mil), consumer products and services (RM139.1mil) and industrial products and services (RM86.2mil).
The highest net foreign inflows were recorded in utilities (RM56.5mil), construction (RM54.4mil) and telecommunications and media (RM48.1mil).
As foreign investors made their retreat, local institutions picked up the lower prices to register net inflows of RM222.9mil.
Local retailers were also net buyers of RM169.4mil after a five-week outflow.
The average daily trading volume (ADTV) saw a broad-based decline last week.
Local institutions and local retailers saw a decrease of 36.8% and 28.1% respectively, while foreign investors saw a decline of 29.1%.