KARACHI: The FTSE benchmarked fund, Vanguard, has sold approximately $66 million worth of stocks in October 2024, taking total selling to $149 million out of total portfolio of $171 million using current market price, analysts said.
They believe that approximately $11 million worth of stocks are sold in first two weeks of November 2024, taking total selling to $160 million. “Resultantly, we believe, stocks worth of $10-12 million are left with fund now”, Shankar Talreja at Topline Securities said.
On July 03, 2024, FTSE Russell announced reclassification of Pakistan from Secondary Emerging to Frontier Market status with effect from September 23, 2024 as Pakistan failed to meet the criteria of stock count. The FTSE benchmarked fund held $170 million of position in Pakistan stocks as of April/ May 2024.
The Fund sold stocks worth of $66 million in October 2024 and was fully sold in 10 out of 14 stocks by October 2024. HUBC and PPL were the biggest positions sold in month of October 2024 valuing $9.2 million each, followed by UBL and LUCK valuing at $7.7 million and $5.0 million, respectively, he said.
Shankar Talreja said the remaining positions by October 31, 2024 were in FFC, ENGRO, PSO and MTL. The largest position was in FFC with 12.5 million shares outstanding ($12.7 million), followed by PSO 5.0 million shares ($5.0 million), MTL 1.2 million shares ($2.3 million), and ENGRO 1.0 million shares ($1.2 million).
“Our traders believe that approximately $10-11 million worth of stocks are sold in first 15 days of November 2024”, he said.
Copyright Business Recorder, 2024
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