The research house noted that foreign investors had been net sellers for 16 out of 22 weeks this year, with a total net foreign outflow of RM2.96 billion.

The research house said foreign investors were net sellers every day last week, with Wednesday witnessing the heaviest net selling for the week at RM199.3 million.

“The top three counters that foreign investors net sold on this day were RHB Bank (RM45.8 million), Hap Seng Consolidated (RM31.9 million) and Public Bank (RM30.7 million),” it said.

The top three sectors that saw net foreign inflows were technology (RM47.3 million), telecommunications and media (RM27.4 million), as well as transportation and logistics (RM24.7 million).

Meanwhile, the top three sectors of net foreign outflows were financial services (RM181.6 million), consumer products and services (RM161.5 million) and industrial products and services (RM137.4 million), according to MIDF.

In contrast to foreign investors, local institutional investors turned net buyers on Bursa last week amounting to RM372.9 million.

“Year-to-date, they have been net buyers of domestic equities for 16 out of 22 weeks, with a total net inflow of RM2.79 billion,” it said in its weekly fund flow report.

Similarly, local retailers remained net buyers for the second consecutive week after net buying RM133.6 million last week.

“Every trading day was a net buying day except on Friday, with a net sale of RM9.6 million.

“Year-to-date, local retailers had been net buyers for 11 out of 22 weeks, (with) the total net buying year-to-date amounting to RM173.5 million,” said MIDF.