A massive outflow of $66.983 million of foreign investors' portfolio investment was seen from Pakistan equity market during the week ended on October 21, 2011. According to National Clearing Company of Pakistan (NCCPL) data, the cumulative outflow of this mode of investment stood at $72.565 million during the current month against an inflow of $4.887 million witnessed during last month.
This outflow included off-market selling of Hubco shares owned by Xenel International worth $59.65 million on Tuesday, October 18, 2011. The Xenel International decided to disinvest its 12.1 percent stake in the Hub Power Company and withdrew an amount of $59.65 million. Another outflow of $6.143 million of this mode of investment was seen on Wednesday and $1.819 million was withdrawn on Thursday.
However, the offshore participants remained net buyers on Monday with net buying of $0.301 million while an inflow of $1.036 million was seen on Friday. The Karachi share market witnessed selling pressure during the week due to foreign selling and the KSE-100 index declined by 462.84 points and closed at the level of 11,525.25 points.
Comments
Comments are closed.