By Siti Norr Afera Abu
<\/p>\n\n\n\n
KUALA LUMPUR, June 14 (NNN-BERNAMA) — 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million net of equities from the local market from Tuesday to Thursday, about half of the total RM1.15 billion net withdrawn in the preceding week.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\n\n\n
MIDF Amanah Investment Bank Bhd analyst Adam Mohamed Rahim said the week began on a sluggish note as foreign investors offloaded RM250.6 million net of local equities on Tuesday.<\/p>\n\n\n\n
\u201cNevertheless, foreign funds came into the local market at a tune of RM1.44 million net on Wednesday, snapping the 11-day selling spree on Bursa Malaysia,\u201d he told Bernama.<\/p>\n\n\n\n
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\n\n\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\n\n\n
\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\n\n\n
Prime Minister Tan Sri Muhyiddin Yassin announced the RMCO to replace the Conditional Movement Control Order (CMCO) which began from May 4 until June 9.<\/p>\n\n\n\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 RM385.1 million net.<\/p>\n\n\n\n
Bursa Malaysia is expected to continue its correction mode to trade with a downside bias next week.<\/p>\n\n\n\n
According to an analyst, the correction phase in the FBMKLCI is expected as the price-earnings multiples are quite stretched and on the upside while the index level had been hovering at an overbought region.<\/p>\n\n\n\n
\u201cCurrently, the resistance and support levels stand at 1,580 and 1,510 points respectively. The 200-day simple moving average stands at 1,516 points,\u201d he said.<\/p>\n\n\n\n
The local equity market was closed on Monday in conjunction with the official birthday of the Yang di-Pertuan Agong.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Siti Norr Afera Abu KUALA LUMPUR, June 14 (NNN-BERNAMA) — 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. MIDF Amanah Investment Bank Bhd analyst Adam Mohamed Rahim said the week began on a sluggish […]<\/p>\n","protected":false},"author":19,"featured_media":21867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/78906"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=78906"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/78906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/21867"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=78906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=78906"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=78906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}