December 12, 2018 (MLN): Market participants positioned overseas indulged in excessive selling via Specially Convertible Rupee Accounts (SCRA) during the week ended December 07, 2018, as compared to the prior week.
These foreign investors also increased the purchase of securities during the week by a greater magnitude and thereby causing foreign net selling via SCRA to amplify by around 121% WoW, mainly due to the MSCI rebalancing that took place on November 30, 2018.
Net sale of securities during the week under assessment has been recorded at Rs.5.4 billion versus a net sale of Rs.2.5 billion recorded the week earlier.
Sale of securities for the week logged in at Rs.37.6 billion, up from Rs.11.6 billion during the previous week. Meanwhile, the purchase of securities stands in at Rs.32.2 billion, up from Rs.9.1 billion recorded for the week before.
On the other hand, inflow of remittances into these accounts have jumped to Rs.9.4 billion whereas outward remittances have logged in at Rs.15.2 billion.
The closing balance of SCRA has been recorded at Rs.28.5 billion.
Copyright Mettis Link News