Overseas investors rush out of local securities via SCRA

April 17, 2020 (MLN): Foreign sell-off continues as international investors pulled out a net amount of Rs 45.26 billion from local securities during the week ended April 10, 2020.

Overseas investors continued to be the net seller for straight seven weeks amid persistent skepticism about global economic recovery from COVID-19.

According to a weekly report on Specially Convertible Rupee Accounts (SCRA) released by the State Bank of Pakistan, the gross sale of securities during the week was recorded at Rs.68.1 billion, which is around 7.4 percent higher than the figures recorded last week. Meanwhile, the total purchase of securities stood at Rs.22.8 billion, which is 10.2 percent lower than the prior week.

Consequently, the net sale of securities for the week ended April 10, 2020 clocked in at Rs.45.27 billion, i.e. around Rs.7.28 billion lower than last week's numbers.

Over the week, the overall purchase of securities declined by Rs.2.59 billion whereas the net sale of securities increased by Rs.4.69 billion.

Apart from this, the inflow of remittance into these accounts stood at Rs.1.63 billion, while its outflow has been reported at Rs.45.81 billion.

The closing balance of SCRA was recorded at Rs.35.56 billion, which marks a rise of Rs.1.28 billion over the week.

Copyright Mettis Link News