Foreigners dump $99m stocks in six weeks

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.

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Name	Price/Vol	%Chg/NChg
KSE100	133,326.14 124.86M	0.57% 749.15
ALLSHR	83,435.81 415.68M	0.54% 452.13
KSE30	40,497.81 19.27M	0.34% 139.02
KMI30	191,326.24 23.95M	0.31% 598.92
KMIALLSHR	55,949.13 205.45M	0.45% 250.65
BKTi	36,626.50 7.86M	1.06% 384.43
OGTi	28,177.30 2.60M	-0.52% -146.11

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	111,795.00	112,170.00 111,395.00	-450.00 -0.40%
BRENT CRUDE	70.35	70.42 69.91	0.16 0.23%
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	68.51	68.57 68.04	0.13 0.19%
SUGAR #11 WORLD	16.54	16.61 16.08	0.41 2.54%