Foreign investors' buying streak hits 10 weeks

MG News | April 10, 2024 at 11:00 AM GMT+05:00

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April 10, 2024 (MLN): Foreign investors remained net buyers for the tenth consecutive week as Pakistan Stock Market continues to witness a surge in confidence.

Despite just two trading days this week, foreign investors pumped $4.2m in stocks. This was driven by foreign corporates who acquired equities worth $4.9m.

They allocated the majority of their capital, $1.4m, to Commercial Banks.

The foreign buying spree in 2024 amounts to $11.9m. While the cumulative net foreign investment in the equity market in the current fiscal year stands at a substantial $82.9m.

To note, the local stock market has been on a bullish streak amid hopes of interest rate cuts, improved economic conditions following the inflows from the International Monetary Fund (IMF), and a relatively stable currency.

The KSE-100 has surged 28,862 points or 69.63% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 7,864 points, equivalent to 12.59%.

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