File photo of Kuala Lumpur city centre. [NSTP/ HAFIZ SOHAIMI}

KUALA LUMPUR: Foreign investors continued to make their way to accumulate stocks listed on Bursa Malaysia, acquiring RM324.7 million last week, said MIDF Research.

This was the eighth time in 2018 that weekly foreign buying levels had exceeded RM300 million, MIDF Research said in its weekly fund flow report.

Global investors made a strong start to the week as they mopped up RM188.3 million net of local equities last Monday.

This was also the largest daily amount acquired during the week, coinciding with the KLCI adding 12.7 points as US President Donald Trump’s tweet expressed optimism on US-China relations which softened fears of a trade war.

Foreign inflows slightly slowed down the next day to a tune of RM131 million net.

Wednesday then saw a decent net outflow of RM27.4 million amid escalated tensions over Syria which overshadowed the news of volume across Bursa Malaysia exceeding four billion shares amid the timing of the 14th General Election which was made public on the day before.

Foreign investors then returned to Bursa on Thursday and Friday but at a marginal level of RM17.5 million and RM15.3 million net, respectively.

MIDF Research said Malaysia and Korea were the only markets among the seven Asian exchanges with foreign inflows on Thursday and Friday.

On a year-to-date basis, foreigners have so far accumulated RM2.85 billion net of local equities.

Meanwhile, foreign investors were net buyers in 12 out of the 15 weeks in 2018 compared to 13 weeks during the same period in 2017.

The firm said both foreign and retail participation remained robust as both of their average daily trade value stood above the RM1 billion level last week.

Tenaga Nasional Bhd registered the highest net money inflow of RM15.66 million last week, followed by Public Bank Bhd (RM12.05 million) CIMB Group Holdings Bhd (RM10.44 million).

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