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 | 176,975.68 493.82M | -0.41% -720.83 |
| ALLSHR | 107,431.86 931.76M | -0.25% -273.32 |
| KSE30 | 52,702.72 115.23M | -0.44% -230.31 |
| KMI30 | 251,656.83 112.23M | -0.06% -141.76 |
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| BKTi | 49,996.18 61.58M | -0.98% -495.13 |
| OGTi | 36,074.83 7.40M | 0.04% 12.62 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 78,210.00 | 79,560.00 77,320.00 | 375.00 0.48% |
| BRENT CRUDE | 91.16 | 91.52 89.03 | 3.06 3.47% |
| RICHARDS BAY COAL MONTHLY | 117.00 | 0.00 0.00 | -2.10 -1.76% |
| ROTTERDAM COAL MONTHLY | 133.25 | 133.25 133.25 | 1.80 1.37% |
| USD RBD PALM OLEIN | 1,228.00 | 1,228.00 1,228.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 86.19 | 86.79 84.11 | 2.79 3.35% |
| SUGAR #11 WORLD | 17.72 | 17.90 17.58 | 0.16 0.91% |
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