KARACHI: The improving economic indicators, successful initiation and completion of the IMF Standby Agreement and stability in the currency invited healthy foreign buying in the Pakistan Stock Market during the fiscal year FY24.
The Foreign Corporate emerged net buyers in FY24 with net inflows of $152 billion, which was highest buying after 8 years. During previous fiscal year of FY23, the foreign corporate were net sellers of shares worth $67.392 million.
The net foreign investors’ portfolio investment (FIPI) at Pakistan Stock Market increased to $140.771 million during the fiscal year FY2023-24 as compared to net inflows $1.569 million in this account during the same period in previous fiscal year of FY2022-23.
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Only in the first six months of current calendar year, the foreign corporates remained net buyers of share worth $77.669 million in the period from January 01 to June 28, 2024 while the net FIPI inflows stood at $69.759 million during this week.
Leading analyst and CEO of Topline Securities, Muhammad Sohail said that improving economic indicators, successful initiation and completion of the IMF Standby Agreement, timely initiation of talks with the IMF for a new program, and stability in the currency amidst strong dollar inflows helped increase foreign investor confidence in the Pakistan Stock Market.
Pakistan Stock Exchange has emerged as the world’s best performing stock market in US Dollar term with net returns of 95 percent and the world’s second best performing market in Pak Rupee term with net returns of 89 percent during FY24 due to strong interest of both foreign and local interest.
Copyright Business Recorder, 2024
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