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PSX sees foreign inflows of $34.5m in November, highest in 6 years

PSX sees foreign inflows of $34.5m in November
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November 30, 2023 (MLN): The net buying of foreign investors in the month of November 2023 was recorded at $34.5 million, the highest since January 2018.

This confidence from overseas investors has resurfaced amid hopes of improved economic conditions following the expected inflows from the International Monetary Fund (IMF) and friendly countries, relatively stable currency amid government-backed administrative efforts, and a possible slash in the interest rates.

The dominant buyers during the month were foreign corporates, with a significant net investment of $35m.

They allocated the majority of their capital, $11.22m, to Commercial banks, followed by Cement with $9.93m, Power Generation and Distribution with $7.99m, Oil and Gas Marketing Companies with $6.76m, and Fertilzer with $5.39m.

On the flip side, they divested from the Oil and Gas Exploration sector, amounting to $6.98m in sales.

Meanwhile, foreign individuals and overseas Pakistanis sold equities worth $0.37m and $0.14m respectively during the month.

To note, the index has closed the month of November at 60,531, gaining a staggering 8,611 points or 16.59% MoM. This takes the yearly gain to around 50% in 2023.

The local stock market has been enjoying a bullish rally ever since the country reached a $3bn Stand-by Arrangement (SBA) with the IMF that saved the cash-strapped nation from a sovereign debt default.

The rally has been further fueled by the successful first review with the IMF, with preliminary approval granted by the Fund for the release of the next loan tranche.

Copyright Mettis Link News

Posted on: 2023-11-30T23:28:19+05:00