KARACHI: Despite heavy selling witnessed at Pakistan Stock Exchange, foreign investors emerged net buyers of shares during August 2023.
According to National Clearing Company of Pakistan Limited (NCCPL) data, the net foreign investors buying of $12.870 million was seen at PSX in August 2023. The cumulative foreign investors buying increased to $31.025 million during the first two months of current fiscal year.
“It is positive sign that the foreign investors’ interest is reviving at Pakistan equity market,” leading analyst and CEO of Topline Securities Muhammad Sohail said.
July: PSX sees $14.9m net buying
Another important development in August was massive buying of $36 million by insurance firms absorbing selling by banks and local Mutual Funds, he added.
In July 2023, the KSE-100 Index gained 6,600 points or 16 percent when Pak rupee value remained stable against the US dollar. However, the index lost 3000 points or 6.0 percent in August 2023, when Pak Rupee depreciated by 7.0 percent against the US dollar.
Copyright Business Recorder, 2023
Comments
Comments are closed.