Retail investors net buyers on Bursa in week ended Feb 26

KUALA LUMPUR: Retail investors stepped up their buying on Bursa Malaysia in the week ended Feb 26 with net buying rising to RM96.9mil, according to BIMB Securities Research.

It said on Monday foreign funds were also net buyers during the week at RM225.3mil but local institutions were net sellers at RM322.2mil.

Last Friday, retail investors were net buyers at RM27.3mil while local institutions and foreign funds were net sellers at -RM18.1mil and -RM9.2mil.

BIMB Research said Wall Street closed mixed on Friday on the lacklustre performance as traders reacted to the release of a batch of largely upbeat US economic data which also led to renewed worries about the outlook for interest rates.

The Dow slipped 57.32 points or 0.3% to 16,639.97 and the S&P500 edged down 3.65 points or 0.2% to 1,948.05. In Europe, the markets ended the session in the green bargain hunting on financial, energy and resource stocks.

There was a concern about the latest batch of economic data as well, with European economic sentiment falling and German inflation data remaining unchanged.

Asian markets ended positive on Friday while at Bursa Malaysia, the FBM KLCI gained 5.28 points to close at 1,663.44 led by banking stocks.

“Nevertheless, we do not foresee the trend to continue today and expect investors to remain cautious following the negative finished in the Wall Street but the downside appears quite limited at 1,655,” said BIMB Research.