Foreign net selling shoots up again as investors depict lack of interest

November 23, 2018 (MLN): Due to lack of interest, foreign investors limited their purchase significantly during the week ended November 16, 2018, as net selling sprung back to over Rs.1.8 billion from Rs.509 million recorded a week earlier.

The State Bank of Pakistan’s data on Specially Convertible Rupee Accounts (SCRA) shows that the total sale of securities during the week amounted for Rs.6.4 billion, down by 7.5% (i.e. Rs.518 million) from sales worth Rs.6.9 billion recorded during prior week.

Meanwhile, total purchase of securities crashed by a greater much margin of 28.6% (i.e. Rs.1.8 billion), logging in at Rs.4.5 billion.

Moreover, remittances flowing into the SCRA plunged by 66% (Rs.1.8 billion) as it stands at Rs.917 million only, versus an inflow of Rs.2.7 billion last week. This is the smallest amount of remittance credited into SCRA during a week, in the last two months.

Income from dividends credited into SCRA accounts for Rs.627 million, as compared to Rs.269 million recorded a week earlier.

Meanwhile, the closing position of SCRA accounts is reported at Rs.27.8 billion, down from the Rs.27.7 billion reported a week before.

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