Foreigner investors sell $125m Pakistan stocks
Abdur Rahman | October 25, 2024 at 08:44 PM GMT+05:00
October 25, 2024 (MLN): Pakistan stocks continued to face selling pressure from foreign investors who dumped stocks for the eighth week in a row, the longest streak since mid-2022.
Foreigners dumped $16.4 million of stocks this week, taking the cumulative selling to $124.5m since September 2024.
The persistent selling is due to FTSE rebalancing, which demoted Pakistan from Secondary Emerging to Frontier Market in July.
In the past eight weeks, they have offloaded $29.9m fertilizer stocks, $28.9m oil and gas exploration stocks, and $19.6m bank stocks.
To note, the benchmark KSE-100 Index surged 5.6% WoW to an all-time high of 89,994. It is up 44.1% so far this year.
This selling pressure has largely been absorbed by Mutual funds. They have bought $102.5m shares on a net basis over the past eight weeks.
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|---|---|---|
| KSE100 | 138,412.25 167.69M | 0.32% 447.43 |
| ALLSHR | 85,702.96 423.92M | 0.15% 131.52 |
| KSE30 | 42,254.84 82.09M | 0.43% 180.24 |
| KMI30 | 194,109.59 84.37M | 0.15% 281.36 |
| KMIALLSHR | 56,713.67 217.03M | 0.03% 16.37 |
| BKTi | 37,831.34 13.04M | 1.62% 603.62 |
| OGTi | 27,440.63 3.93M | -0.09% -23.70 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 117,925.00 | 119,740.00 116,460.00 | -370.00 -0.31% |
| BRENT CRUDE | 73.52 | 73.63 71.75 | 1.01 1.39% |
| RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
| ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
| USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 70.38 | 70.51 68.45 | 1.17 1.69% |
| SUGAR #11 WORLD | 16.46 | 16.58 16.37 | -0.13 -0.78% |
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