Lower foreign net selling of RM324m last week

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Foreign investors sold RM324.0 million net of local equities last week compared to the disposal of RM499.3 million net in the preceding week, said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim.According to him, foreign investors began last week on a sluggish note as they disposed of RM25.7 million net of local equities on Monday in the absence of any major catalyst while the implementation of the enhanced movement control order (MCO) dragged overall investor sentiment.On Tuesday, the pace of foreign net selling was little changed at RM23.0 million, he said.“The latest Organisation of the Petroleum Exporting Countries (Opec) meeting led to no deals to increase production from August due to United Arab Emirates (UAE)'s dissatisfaction on the output levels which they believed were supposed to be higher for them,” he told Bernama.Adam said the absence of a deal to incre…