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	172,400.73 346.40M	0.92% 1570.51
ALLSHR	103,483.96 796.97M	0.55% 561.58
KSE30	52,734.06 184.56M	1.08% 564.57
KMI30	245,565.33 110.97M	1.07% 2605.02
KMIALLSHR	67,233.70 319.67M	0.68% 453.28
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BITCOIN FUTURES	87,825.00	90,115.00 86,915.00	75.00 0.09%
BRENT CRUDE	60.80	62.67 60.56	-1.44 -2.31%
RICHARDS BAY COAL MONTHLY	87.50	0.00 0.00	1.05 1.21%
ROTTERDAM COAL MONTHLY	94.50	0.00 0.00	-0.70 -0.74%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	56.93	58.88 56.65	-1.42 -2.43%
SUGAR #11 WORLD	15.17	15.28 15.08	-0.12 -0.78%