FIPI outflows exceed $244m: Offshore investors withdraw $37.497m

Foreign investors opted to pull out their investment from Pakistan equity market due to their concerns over deadly coronavirus and slowing economic activities.
The offshore investors withdrew $37.497 million from the equity market during May 2020 as compared to an inflow of over $22.920 million in the same month last year.
The cumulative outflows from the Foreign Investors Portfolio Investment (FIPI) have increased to $244.709 million during the current calendar year as compared to an inflow of $57.168 million in the corresponding period in 2019.
According to National Clearing Company of Pakistan Limited (NCCPL) current data the foreigners withdrew $8.769 million during the last week before Eid holidays as compared to an outflow of $10.905 million in the preceding week.
The NCCPL data shows that the foreigners remained net buyers of shares worth $58.6 million during the period from January 01, 2019 to January 31, 2020 however they started pulling out their investment from February 2020.
Pakistan Stock Exchange remained under pressure due to foreign and local selling and the KSE-100 Index has declined by 6898.47 points or 16.93 percent during the current calendar year to close at 33,836.61 points on May 21, 2020 from December 31, 2019 closing level of 40,735.08 points.