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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ALLSHR	103,103.10 757.94M	-1.08% -1128.70
KSE30	50,739.70 126.19M	-1.06% -544.11
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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	83,940.00	84,635.00 82,850.00	-555.00 -0.66%
BRENT CRUDE	105.48	106.50 101.83	2.40 2.33%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	6.75 5.48%
ROTTERDAM COAL MONTHLY	137.10	0.00 0.00	-0.15 -0.11%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
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SUGAR #11 WORLD	18.67	19.07 18.62	-0.13 -0.69%