Foreigners dump $99m stocks in six weeks
Abdur Rahman | October 11, 2024 at 10:52 PM GMT+05:00
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 | 139,871.40 32.44M | 1.05% 1459.15 |
| ALLSHR | 86,544.43 73.63M | 0.98% 841.47 |
| KSE30 | 42,738.10 17.10M | 1.14% 483.26 |
| KMI30 | 196,788.69 18.94M | 1.38% 2679.10 |
| KMIALLSHR | 57,380.80 31.74M | 1.18% 667.13 |
| BKTi | 38,113.99 2.14M | 0.75% 282.65 |
| OGTi | 28,029.73 5.93M | 2.15% 589.10 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 119,165.00 | 119,430.00 117,905.00 | 1545.00 1.31% |
| BRENT CRUDE | 72.23 | 72.82 72.19 | -1.01 -1.38% |
| 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 | 69.85 | 70.41 69.83 | -0.15 -0.21% |
| SUGAR #11 WORLD | 16.46 | 16.58 16.37 | -0.13 -0.78% |
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