KUALA LUMPUR: Net foreign selling on Bursa Malaysia totaled –RM811.70mil in the week ended July 10, 2015 despite some net buying on Friday, according to BIMB Securities Research.
It said on Monday local funds net buying at RM785.70mil in the week and at RM5.1mil on Friday. Retail investors were net buyers at RM26.0mil in the week and were quick to take profit on Friday with net selling -RM39.7mil.
BIMB Research said renewed hopes that Greece would be able to secure fresh funding had injected some optimism on global stock markets as most ended the day higher last Friday.
Last Friday, the DJI Average was up 211.79 points at 17,760.41 but eyes would be on its corporate earnings reporting due later this month.
Latest developments in Greece are that the European authorities may allow a five-year “time-out” for Greece from the EU with some degree of capital controls attached.
At Bursa Malaysia, last Friday the FBM KLCI ended higher in tandem with the regional uptrend, adding 14.04 points to 1,715.58 as foreign funds finally prevailed with a net inflow of RM34.6m last Friday.
“Nonetheless, there was a total net foreign outflow of RM811.7mil for the whole of last week. We hope this will kick-start some sort of U-turn from the foreign funds and expect the local bourse to climb further. Next target is 1,730,” said BIMB Research.
