KUALA LUMPUR: Foreign investors remained on selling mode on Bursa Malaysia last week as it disposed of RM66.3mil net of equities.

       The net foreign outflow was 28.8% less than the net sales of the previous week, said MIDF Research in its weekly fund flow report.

       Over the week, the sectors with the highest net foreign outflows were financial services (RM129.2mil), consumer products and services (RM64.8mil) and industrial products and services (RM61.8mil).

       The sectors that led the net foreign inflows were utilities (RM135.1mil), construction (RM114.6mil) and property (RM51.2mil).

       Meanwhile, local institutions remained net buyers for the second straight week with RM214.7mil in net purchases.

       Local retailers were net sellers of domestic equities for the third consecutive week, to the sum of RM148.4mil.

       In terms of participation, there was an increase in average daily trading volume (ADTV) among foreign investors by 1.9% while local retail and local institutional investors saw declines of 4.6% and 4% respectively, said MIDF.

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       In Asian markers, MIDF said foreign funds turned net sellers, ending a 10-week streak of net inflows.

       The research firm said six out of the eight markets it tracked registered net foreign sales over the week for a total net outflow of US$4.7bil.

       The reversal came as investors dialled back their expectations for early US rate cuts in 2024 following retails sales and data and comments from Federal Reserve officials.

       "Three US Fed officials emphasised that their decision on rate cuts hinges on incoming data, stressing the lack of evidence to initiate easing.

       "The likelihood of a March rate cut diminished, dropping below 50% on Friday," said MIDF.