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	188,587.66 449.79M	-0.31% -579.17
ALLSHR	112,503.19 867.07M	-0.27% -306.46
KSE30	58,026.90 155.32M	-0.31% -180.82
KMI30	268,418.81 155.28M	-0.40% -1078.22
KMIALLSHR	72,509.98 549.07M	-0.44% -318.36
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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,605.00	88,875.00 85,900.00	-1895.00 -2.12%
BRENT CRUDE	65.66	66.54 65.32	-0.22 -0.33%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-3.00 -3.34%
ROTTERDAM COAL MONTHLY	99.00	99.10 99.00	0.05 0.05%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	60.77	61.71 60.42	-0.30 -0.49%
SUGAR #11 WORLD	14.80	14.87 14.67	0.07 0.48%