Foreign selling continues

Abdur Rahman | September 27, 2024 at 07:34 PM GMT+05:00

0:00

September 27, 2024 (MLN): Foreign investors remained net sellers for the fourth week in a row, dumping $12.44m worth of Pakistani equities.

Last week, foreigners sold a significant $23.2m stocks, their biggest selling on a net basis in almost three years.

The persistent selling is likely due to FTSE rebalancing, which demoted Pakistan from Secondary Emerging to Frontier Market in July.

The most substantial sales activity this week was in oil and gas exploration companies' stocks, as foreigners offloaded $6.22m worth of stocks, followed by fertilizer with net sales of $5.2m, and cement at $1.47m.

The leading sellers were Foreign Corporates as they offloaded $13.22m. While foreign individuals and overseas Pakistanis bought $0.77m on net basis.

Despite the recent heavy selling, foreign investors have been buying Pakistani stocks aggressively this year, with net investment of $52.96m so far this year as the country continues to experience growing confidence amidst improved economic conditions and a stable exchange rate.

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