Foreigners dump $99m stocks in six weeks

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By 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.

Copyright Mettis Link News

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Name Price/Vol %Chg/NChg
KSE100 132,576.99
161.03M
-0.62%
-826.20
ALLSHR 82,983.68
903.36M
-0.25%
-204.38
KSE30 40,358.80
56.86M
-0.72%
-292.66
KMI30 190,727.32
67.92M
-0.71%
-1356.60
KMIALLSHR 55,698.48
457.08M
-0.27%
-149.22
BKTi 36,242.06
11.15M
-0.50%
-180.82
OGTi 28,323.42
10.71M
-0.40%
-114.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,530.00 112,170.00
111,420.00
-715.00
-0.64%
BRENT CRUDE 70.16 70.22
69.91
-0.03
-0.04%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.32 68.39
68.04
-0.06
-0.09%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

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