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FOREIGN investors selling on key heavyweight blue-chips like British American Tobacco (M) Bhd, Nestle (Malaysia) Bhd and Tenaga Nasional Bhd pulled down the KLSE Composite Index.
Against the backdrop of the weak performances on Wall Street and regional equity markets, institutional investors had adopted a cautious approach in committing additional portfolio positions. Many had in fact took profit before re-aligning their portfolio positions.
There was market talk of foreign institutional investors staging a return to the local equity market. The answer was yes and no. There were traces of some nibblings by the foreign investors on defensive stocks while other …