$1.833 million withdrawn from share market by foreign investors

[LahoreEstate]

AHMED MALIK
KARACHI (March 01 2009): The offshore investors withdrew $1.833 million from the country's equity market during the week ended on February 27, 2009. "The quantum of outflow of foreign portfolio investment from the country's equity market has been reduced as compared with previous days, mainly due to available attractive levels", analysts said.

Interestingly, two trading sessions of the week witnessed a net inflow of foreign investment, despite heavy selling pressure by local investors. Although an outflow of this mode of investment was witnessed in the remaining days, the quantum of outflow was low as compared to the previous levels.

According to National Clearing Company of Pakistan (NCCPL) data the cumulative outflow of this mode of investment was recorded at $48.630 million in February 2009, while this figure increased to $563.744 million in the period from January 1, 2008 to date.

The week opened on a positive note as a fresh inflow of $966,984 was recorded on Monday. However, the offshore investors withdrew $506,518 on Tuesday. On Wednesday, once again, a fresh inflow of $86,584 was witnessed despite heavy selling pressure at the share market due to political uncertainty in the country. However, a negative trend prevailed during the remaining two days as the foreign investors withdrew $1,704,251 on Thursday and $675,800 on Friday.

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