Foreigners bought shares worth $12.3mn last week

RECORDER REPORT

KARACHI: Despite worsening law and order situation and lingering Nato supply issue, foreign investors turned net buyers of shares at the local equity market during the outgoing week ended May 25, 2012.

Foreign investors remained net buyers of shares worth $12.305 million during the outgoing week against their net selling of $6.017 million recorded during the previous week.  The National Clearing Company of Pakistan Limited (NCCPL) data shows that a healthy inflow of $42.379 million of foreign investors' portfolio investment was seen during the current month against an inflow of $13.964 million during the same period last month.

The cumulative inflow of this mode of investment has increased to $80.574 million during the current calendar year (January 1, 2012 to May 25, 2012) against an inflow of $67.112 million in the same period last year.  "The foreign investors interest in some selective stocks supported the KSE-100 index to close in the positive during the week," analysts said. The index gained 67.28 points during the outgoing week and closed at 13,925.06 points. On the other hand, local investors and institutions opted for profit-taking during the week because of their concerns over the law and order situation and the Nato supply issue.