PSX allows share purchase by foreign investors

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Staff Reporter

Karachi

Pakistan Stock Exchange (PSX) has allowed foreign investors to purchase shares of the exchange up to 10 percent of the total outstanding shares.
In a notification issued on Tuesday the exchange said considering the current aggregate position limit of foreign investors (other than foreign anchor investors) in PSX shares, it has been decided to allow purchase of PSX shares by foreign investors across any market of the exchange up to 10 percent of the total outstanding shares and until further notification.
The PSX on June 26, 2018 imposed restriction on purchase of PSX shares by foreign investors. In such letter it informed that the aggregate position limit of foreign investor in PSX shares had almost reached threshold of 10 percent of total issued share capital of exchange.
Further purchases of the PSX shares by foreign investors would not be allowed across any market of the exchange, it added.
Meanwhile, The benchmark KSE-100 index of Pakistan Stock Exchange ended with gain of 76 points after several negative closings.
The index closed at 40,760 points as against 40,684 points showing an increase of 76 points.
Analysts at Arif Habib Limited said that after several negative closings at KSE100, the benchmark index finally settled green, though the gain is nominal.
The market opened on a positive note but soon saw selling pressure, and after some resistance again advanced by 259 points.
Buying interest was largely seen in Steel, E&P, Textile, Food and OMC sectors. Mid and small caps like UNITY, DOL, FFL gained on the index, whereas BAHL which registered largest volume on the bourse today saw a decline in price. Blue chip banks, HBL, UBL and MCB saw decline in price, which kept the index under severe pressure.
Sectors contributing to today’s performance include E&P (+44 points), Power (+42 points), Textile (+33 points), O&GMCs (+21 points), Banks (-63 points) and Auto (-22 points).
Volumes increased from 112.6 million shares to 139.4 million shares (+24 percent DoD). Average traded value also jumped by 37 percent DoD to reach $46.3 million as against $33.9 million. Stocks that contributed significantly to the volumes include BAHL, UNITY, FFL, BOP and TRG reflecting 32 percent of total volumes.

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