Omar1984
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KARACHI: Foreign portfolio investment kept pouring in the local bourse during this week, as foreign investors were the net buyers of $28.6 million.
Offshore investors bought $51 million worth of shares during the week while they sold $22.4 million worth of shares, National Clearing Company of Pakistan Limited (NCCPL) reported on Saturday.
Since the beginning of current financial year, foreign investors flew into Pakistan equity market finding it the lucrative market for their investment as it offers the discounted and attractive levels in the region.
In the current fiscal so far, the foreign portfolio investment totaled $198 million in the local stock market whereas during the month of September, offshore investors were the net buyer of $98 million.
The flow of foreign investment, though, began in the July, however it intensified in August and September when huge inflows took place in the market.
The Pakistani capital market was so attractive destination for the foreign fund managers they even offloaded their stocks in the neighbouring India and moved to Pakistan, according to an investor at Karachi Stock Exchange.
Analysts calling the huge inflows of foreign investment a positive development for the local stock as during the bullish rallies in the current months, it was largely the foreign investors that kept the market buoyant.
The improvement on the economic side and successful combat operations against terrorist in north of the country has boosted the confidence of investors to invest in Pakistan.
Also, the sanity on the political front has put an end to the assumptions and speculations about the political chaos in the country that bodes well for the stock market.
The improving business and economic confidence was also reinforced by the World Bank report that doing business ranking of Pakistan remained unchanged at 85th in the world, where as in South Asia, Pakistan notched the first spot.
