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Foreign funds boost sales in Bursa Malaysia
KUALA LUMPUR: Foreign funds upped the ante on the sale of Bursa Malaysia-listed shares, selling RM534.78k of local shares last week versus RM288.13k in the prior week, according to MIDF Research.
“When the market reopened on Monday of last week, foreign investors sold RM199.66 thousand net of local shares, with local retailers and institutions as net buyers for a sum of RM72.69 thousand and RM126.97 thousand respectively.
“Foreign investors were net sellers every day except Friday for the past week,” MIDF said in its weekly cash flow report.
The research house said the largest foreign outflow was recorded at RM298.69 million on Tuesday and the smallest outflow on Thursday was RM81.30 million.
On the other hand, retailers were net shoppers every day last week. The largest net purchase was recorded at RM286.74 million on Tuesday, while the smallest net purchase was recorded on Monday.
MIDF said that local institutions were net sellers during the week, although less than the net outflow of foreign investors.
He said that purchases were recorded on Monday and Tuesday with a cumulative net inflow of RM138.92 thousand.
Net sales activities were higher, resulting in accumulated net sales amounting to RM195.20 thousand. The highest net outflow was on Friday with net sales of RM154.75 thousand, ”said MIDF.
“Since early 2021, cumulatively, retailers are the only net buyers of our stock market to the tune of RM1.75bil.
“Local institutions and foreign investors are net sellers in the amount of RM919.25 thousand and RM833.87 thousand respectively,” said MIDF.
The research house said the other three Southeast Asian markets it followed posted net outflows last week.
In terms of participation, MIDF noted that retail investors recorded a 6.28% weekly decrease in average daily commercial value (ADTV).
Foreign investors and local institutions experienced declines in ADTV of 72.79% and 10.90% respectively. – ANA
The government’s financial situation remains strong, says Tengku Zafrul
The government’s financial position remains strong and has been used to good effect to cushion the impact of Covid-19, said Finance Minister Tengku Zafrul Tengku Abdul Aziz.
It said Fitch Ratings, in its recent report, agreed that Malaysia’s deficit targets of 6.0% in 2020 and 5.4% this year are realistic and achievable.
“These are better than the International Monetary Fund (IMF) estimate of a 10.3% deficit that emerging market economies will experience,” he said during the Bursa Malaysia Forum broadcast today on Bernama TV.
Tengku Zafrul said that the additional spending through economic stimulus packages last year is a testament to the government’s priority when it comes to the people.
“So far, the stimulus packages have benefited 20 million people and 2.4 million companies, with more than 50% of the initiatives delivered to date.
“Outside of this, most of the disbursements include immediate relief measures such as cash aid such as Bantuan Prihatin Nasional, Geran Khas Prihatin, wage subsidies and other measures to protect the livelihoods of the rakyat and ensure business continuity.” he said on the show, with the theme Menang Bersama: Rebuilding Malaysia’s Economy Together.
Tengku Zafrul said these moves are expected to add up to four percentage points to growth in 2020.
Gross domestic product (GDP) is expected to contract between 3.5% and 5.5% in 2020.
The IMF recently revised Malaysia’s GDP contraction by 20 basis points, from 6.0% in October 2020 to 5.8% at the end of December. – Bernama
ANN / BERNAMA
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