Net FIPI inflow of $9.4mn recorded

RECORDER REPORT

KARACHI: The foreign investors emerged net buyers at the local equity market as a net inflow of $9.4 million of foreign investors portfolio investment (FIPI) was witnessed during the outgoing week ended July 06, 2012.

"Improving Pak-US relations invited foreign buying and encouraged the offshore investors to take fresh position in the available attractive levels in some selective sectors", analyst said.

"Following through five weeks of consecutive net FIPI outflows, this week recorded a net FIPI inflow of $9.4 million against an outflow of $5.6 million in the previous week", they added.

The Karachi share market witnessed bullish trend during the outgoing week on the back of strong support by foreign investors and the benchmark KSE-100 index registered a healthy gain of 509 points, up 3.7 percent on week-on-week basis to close at 14,310.18 points.