KSE index rises 74pc due to foreign buying
Sunday, 6 June 2010
ISLAMABAD, June 5 (Business Recorder): Karachi Stock Exchange-100 index has risen 74 per cent since its trough in January 2009 due to foreign buying, says Economic Survey (2009-10) issued here Friday.
The data revealed that even after the recent sell-off in equities, the KSE-100 index has gained 33 per cent since the start of fiscal year 2009-10. Foreign portfolio investment (FPI) in the KSE has risen sharply for July to March 2009-10.
According to National Clearing Company of Pakistan Limited (NCCPL) data, the cumulative net inflow of foreign portfolio investment increased by US $431 million. The other positives during 2009-10 to which equity investors have responded have included the restoration of macroeconomic stability following the balance of payments crisis of 2008; the IMF programme (signed in November 2008) having remained on track for over a year; the upgrading of Pakistan's sovereign rating by Standard and Poor's, and the revision, to stable, of Pakistan's outlook by Moody's, both in August 2009; and the semblance of a growth recovery in the economy, for large scale manufacturing in particular, despite the challenges.
The data revealed that even after the recent sell-off in equities, the KSE-100 index has gained 33 per cent since the start of fiscal year 2009-10. Foreign portfolio investment (FPI) in the KSE has risen sharply for July to March 2009-10.
According to National Clearing Company of Pakistan Limited (NCCPL) data, the cumulative net inflow of foreign portfolio investment increased by US $431 million. The other positives during 2009-10 to which equity investors have responded have included the restoration of macroeconomic stability following the balance of payments crisis of 2008; the IMF programme (signed in November 2008) having remained on track for over a year; the upgrading of Pakistan's sovereign rating by Standard and Poor's, and the revision, to stable, of Pakistan's outlook by Moody's, both in August 2009; and the semblance of a growth recovery in the economy, for large scale manufacturing in particular, despite the challenges.