Foreign funds were behind the rout on Bursa Malaysia on Monday, with net selling of RM852.5mil. UALA LUMPUR: Foreign funds were behind the rout on Bursa Malaysia on Monday, with net selling of RM852.5mil, especially glove makers, when the regulated short selling (RSS) which came into effect. According to BIMB Securities Research data on Tuesday, local institutions and local retail investors were net buyers but were unable to prevent the slide on Bursa. Local institutions were net buyers at RM359.2mil and local retail investors at RM493.3mil. Under heavy selling pressure were glove makers, Top Glove, Hartalega and Supermax which are part of the FBM KLCI Index. Also closing sharply lower was Kossan. The three stocks, which are part of the 30-stock KLCI weighed on the index, which closed down 24.64 points or 1.51% to 1,602.57. StarBiz reported on Monday the selldown of these four glove makers erased RM13.56bil in their total market capitalisation. The rout on glove makers saw Hartalega close down RM1.66 to RM10.48 or 13.6% to RM10.48 with 37.8 million shares done. Hartalega saw RM5.69bil wiped out, reducing its market capitalisation to RM35.92bil. Top Glove closed down 62 sen to RM5.50. It saw RM5.08bil erased from its market capitalisation, reducing it to RM45.11bil. Supermax closed down 50 sen to RM5.51. The fall in its share price wiped out RM2.72bil from its market capitalisation and reduced it to RM14.99bil. Kossan closed down 56 sen to RM3.94 with 49.64 million shares done. The fall in its share price erased RM1.43bil from its market capitalisation and reduced it to RM10.08bil. In 2020, foreign funds’ net selling on Bursa Malaysia totalled RM24.75bil in 2020. “Retailers are net buyers to the tune of RM13.84bil, larger than local institutions at RM10.41bil, ” MIDF Research said in its 2020 wrap-up.
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