Foreigners withdraw $5.3 million from equity market

An outflow of $5.3 million of foreign portfolio investment from the country’s equity market was witnessed during the week ended on December 4, 2009. “The offshore investors trimmed down their positions primarily due to uncertainty in the political climate and the prevailing security situation in the country”, analysts said.
The banksDFIs, mutual funds and individuals were the net buyers at the local share market, while foreigners were among the major net sellers during the outgoing four days week as the market remained closed on Monday on account of Eid.
The week started under heavy selling by foreign investors and they offloaded shares worth $4,519,045 on Tuesday. The situation slightly improved with the net buying of shares worth $756,868 by the offshore investors on Wednesday. However, the foreign investors once again remained net sellers of shares worth $958,898 on Thursday. They withdrew another $597,029 from the local equity market on Friday.

Copyright Business Recorder, 2009