Foreigners dump $99m stocks in six weeks

Abdur Rahman | October 11, 2024 at 10:52 PM GMT+05:00

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October 11, 2024 (MLN): Pakistan stocks continued to face selling pressure from foreign investors who dumped stocks for the sixth week in a row, the longest streak since mid-2022.

Foreigners dumped $22.6 million of stocks this week, taking the cumulative selling to $98.6m over the past six weeks.

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

In the past one and a half months, they have offloaded $27.9m fertilizer stocks, $26.5m oil and gas exploration stocks, and $18.5m food and personal care stocks.

To note, the benchmark KSE-100 Index rose 2.3% WoW to notch its second consecutive weekly gain. It is up 36.9% so far this year.

This selling pressure has largely been absorbed by Mutual funds. They have bought $82.8m shares on a net basis over the past six weeks.

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KSE100	148,617.78 624.60M	0.86% 1274.27
ALLSHR	91,685.08 1,340.28M	0.74% 669.39
KSE30	45,247.79 197.43M	0.83% 370.74
KMI30	212,370.79 224.51M	1.05% 2209.48
KMIALLSHR	61,227.89 711.87M	1.18% 715.56
BKTi	41,264.02 160.39M	0.54% 221.73
OGTi	30,019.10 23.63M	0.64% 190.41

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,265.00	0.00 0.00	-510.00 -0.47%
BRENT CRUDE	67.46	67.94 67.29	-0.52 -0.76%
RICHARDS BAY COAL MONTHLY	88.70	88.70 88.70	-0.75 -0.84%
ROTTERDAM COAL MONTHLY	96.15	96.75 96.00	-0.40 -0.41%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.01	0.00 0.00	0.00 0.00%
SUGAR #11 WORLD	16.34	16.52 16.33	-0.14 -0.85%