Stock market rally attracts highest foreign investment since 2019

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Abdur Rahman | November 29, 2023 at 03:54 PM GMT+05:00

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November 29, 2023 (MLN): The Pakistan stock market's rally has been fueled by the return of foreign investors' confidence, with overseas traders injecting the highest in Pakistani stocks in four years, worth $26.29 million in November thus far.

The confidence has resurfaced amid hopes of improved economic conditions, expected inflows from the IMF and friendly countries, and a possible slash in the interest rate.

The dominant buyers are foreign corporates, with a significant net investment of $27.48m.

They have allocated the majority of their capital, $9.62m, to Commercial banks, while divesting from the Oil and Gas Exploration sector, amounting to $6.76m in sales, according to data compiled by Mettis Global.

Meanwhile, foreign individuals and overseas Pakistanis have sold equities worth $0.34m and $0.84m respectively.

The benchmark KSE-100 index has rallied around 50% in 2023, surging past the 61,000-point mark for the first time.

The local stock market has been enjoying a bullish rally ever since the country reached a $3bn Stand-by Arrangement (SBA) with the International Monetary Fund (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.

Furthermore, finance minister Dr. Shamshad Akhtar has stated that this is expected to serve as a catalyst for subsequent contributions from other bilateral donors of around $1.5bn.

Copyright Mettis Link News

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USD RBD PALM OLEIN 998.50 998.50
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SUGAR #11 WORLD 16.57 16.61
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