Foreign Funds Dumping Telecommunication Stocks?

Least Damage

All you need is one smart alec to say that all the telecommunication shares on BSKL are overvalued.

Then all those foreign fund managers played dunking doughnuts and sold down telecommunication stocks on BSKL,wiping huge chunk of capitalization from Axiata particularly to Digi. Telekom Malaysia (TM)did not fare badly.

Are these really foreign funds?

Most Damage

While you see some traction in the buying up of Axiata shares as it appears to be oversold- down almost RM 1.80 ,there was marginal loss in TM. The one that also got the brunt was Digi.com which had lost almost RM 0.90 sen.

Median Damage

Tomorrow is Friday and it looks like it is a long way to climb back  to their former highs.

Worse, next week has only 3 trading days.