Foreigners dump another $26m stocks

Abdur Rahman | October 04, 2024 at 07:29 PM GMT+05:00

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October 04, 2024 (MLN): Foreign investors remained net sellers for the fifth week in a row, dumping $26.06m worth of equities, their biggest selling on a net basis in almost three years.

That takes the cumulative selling in the past five weeks to almost $76m.

This persistent selling is likely due to FTSE rebalancing, which demoted Pakistan from Secondary Emerging to Frontier Market in July.

The most substantial sales activity this week was in Oil and Gas Exploration Companies' stocks, as foreigners offloaded $7.22m worth of stocks, followed by Fertilizer with net sales of $6.20m, and Power Generation and Distribution at $5.96m.

On the local front, Mutual funds absorbed this selling pressure, with a net investment of $26.14m.

They allocated the majority of their capital, $7.58m, to Oil and Gas Exploration Companies.

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