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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KSE30	57,253.65 170.47M	-0.83% -477.72
KMI30	264,339.24 259.66M	-0.84% -2232.30
KMIALLSHR	72,280.61 865.86M	-0.69% -504.24
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BITCOIN FUTURES	89,900.00	90,135.00 87,875.00	235.00 0.26%
BRENT CRUDE	64.94	65.41 63.61	0.02 0.03%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-1.85 -2.09%
ROTTERDAM COAL MONTHLY	98.70	98.70 98.50	0.85 0.87%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
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