SCRAs hit new high of $151.035 million

After witnessing a fresh inflow of 65.820 million dollars on October 11, the special convertible rupee accounts (SCRAs) balances reached the new high level of 151.035 million dollars during the current fiscal year.
The fresh inflow was witnessed mainly from the UK, US and Switzerland as the investors from these countries were keen to invest more in the Pakistan's equity market, analysts said. Out of the total fresh inflow of 65.820 million dollars, while 32.668 million dollars came from the UK, 27.217 million dollars from the US and 7.513 million dollars from Switzerland only on October 11.
On the other hand, an outflow of 1,013,441 dollars and 5,65,727 dollars was witnessed by Hong Kong and Singapore on the said date. According to the State Bank of Pakistan figures, a total of 287.258 million dollars came during the first 11 days of the current month, while the foreign investors withdrew 130.556 million dollars during this period and cumulative net inflow stood at 156.702 million dollars by October 11.
During the current fiscal year, a total of 230.722 million dollars came from the US followed by 26.480 million dollars from Kuwait, 14.823 million dollars from Hong Kong, 6.095 million dollars from Camyan Island, 5.363 million dollars from Luxembourg and 1.990 million dollars from Chile. The investors from Bahrain invested 331,470 dollars, Qatar 89,834 dollars and Japan 84,671 dollars.
On the other hand, the UK investors withdrew 75.085 million dollars from the country's equity market during the current fiscal year till October 11 followed by 27.507 million dollars by Australia, 23.497 million dollars by Singapore, 3.609 million dollars by the UAE, 2.193 million dollars by Switzerland, 1.990 million dollars by Chile, 1.757 million dollars by Germany, 1.200 million dollars by France and 93,657 dollars were withdrawn by B. V. Island.
"The foreign investors' confident has began to flourish again after re-election of Pervez Musharraf as President of Pakistan", Chief Operating Officer (COO) of JOV & Co Ahmed Nabeel said, adding that the ongoing economic reforms and privatisation process would continue after the re-election of Pervez Musharraf. He said that the foreign investors were well aware that there was a huge potential in the Pakistan's equity market.