KARACHI: A massive outflow of $11.241 million of foreign investors portfolio investment (FIPI) from the local equity market was seen during the week ended on December 16, 2011.

According to National Clearing Company of Pakistan Limited (NCCPL) data, foreign investors withdrew $15.325 million from the local equity market during the first half of current month.

The data shows that the offshore participants had sold shares worth $4.186 million during November, 2011. Analysts say that foreign selling was witnessed in all regional markets, and the same trend was also witnessed at the local equity market.

Karachi share market witnessed bearish trend, mainly due to continuous foreign selling during the week, and the KSE-100 index registered a massive decline of 436.47 points, closing at 11,028.14 points.