KUALA LUMPUR: Foreign funds stepped up selling pressure on Malaysian equites with net selling at -RM269.3mil on Thursday and BIMB Securities Research expects the local stock market to remain lacklustre.
The research house said on Friday local funds were net buyers at +RM271.2mil while retailers were net sellers at -RM1.9mil.
The fall in the KLCI on Thursday, where it shed 0.41% to 1,722.44, was due to selling of oil and gas counters and plantations.
Overnight on Wall Street, key indices fell mainly due to the sell-off in commodities and weaker than expected corporate results. The DJIA lost 0.67% to end at 17,731.92 while the S&P500 was down 0.57% to close 2,102.15
European equities fell for a third straight session on lower corporate earnings. In Asia, key regional indexes ended mostly higher with Chinese shares notched their sixth straight session of gains with strong buying by Beijing-backed funds.
-The Star Online