Foreign investment at KSE hits $10 million mark

[LahoreEstate]

KARACHI: The buying spree by the foreigners in the local bourse continued during this week as $10 million net buying was recorded.

Offshore investors bought $18 million of shares during the week while they offloaded $8 million in this week, according to date released by National Clearing Company of Pakistan (NCCPL) on Saturday.

With the current week’s net buying of $10 million, foreigners’ net buying reached $60 million since the start of current fiscal year.

Analysts citing the reasons for the growing interest of foreigners in the local equities said that few positive developments during the week lured the offshore investors to make entry in the market.

The week saw Moody’s upgrading Pakistan’s local and sovereign bond ratings outlook to stable from negative, highlighting improving economic fundamentals.

However, according to market players, the attractive levels of scrips in the local market is the major cause for attracting the foreign funds in the local market.

Pakistan equity market offers discounted levels for investment compared to regional markets and as the investment in equity gives quick returns, foreigners are taking advantage of this situation at the local bourse.

http://www.dailytimes.com.pk/default.asp...2009_pg5_8