April 18, 2024 (MLN): Foreign investors injected $23.4 million into Pakistan stock market on Thursday, the highest daily inflow since 2017, according to NCCPL data.
This was driven by foreign corporates who acquired equities worth $23m. They allocated the majority of their capital, $23.1m, to 'all other sectors', which largely included the purchase of shares of Pak Suzuki Motor Company Limited (PSMC).
To recall, the majority shareholder of PSMC is required to purchase at least 13,915,775 ordinary shares at a buyback price of Rs609 per share to qualify for delisting as approved by the VDC of the PSX.
The share purchase offer is valid from February 22 to April 21 both days inclusive.
After this period, it is intended that the company will be delisted from the PSX.
Today, PSMC saw a trading volume of 11.8m shares, according to PSX website.
Meanwhile, foreigners are also on track to record 11th consecutive weekly buying, as the local equity market continues to witness a surge in confidence.
The foreign buying spree in 2024 amounts to $ 40m. While the cumulative net foreign investment in the equity market in the current fiscal year stands at a substantial $111m.
To note, the local stock market has been on a bullish streak amid hopes of interest rate cuts, improved economic conditions following the inflows from the International Monetary Fund (IMF), and a relatively stable currency.
The KSE-100 has gained 28,837 points or 69.57% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 7,839 points, equivalent to 12.55%.
