Total foreign sell-off in Pakistan stocks surpasses $124 million

KARACHI: Pakistan’s stock market continued to witness selling pressure from foreign investors, marking the eighth consecutive week of stock sales – the longest streak since mid-2022.

During the week, foreign investors sold $16.4 million worth of stocks, pushing the total sell-off to $124.5 million since September 2024.

The ongoing sell-off due to the FTSE rebalancing, which downgraded Pakistan from a Secondary Emerging Market to a Frontier Market in July 2024.

In the last eight weeks, foreign investors offloaded $29.9 million in fertiliser stocks, $28.9 million in oil and gas exploration stocks, and lastly $19.6 million in banking stocks.

The benchmark KSE-100 Index still rose by 5.6 per cent week-on-week to hit a record high of 89,994 points, gaining 44.1 per cent so far this year.

According to Mettis Global, mutual funds have largely absorbed the selling pressure, purchasing $102.5 million worth of shares on a net basis over the past eight weeks.

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