![]() Recently, they have also been trimming stocks in emerging and frontier markets," he said.ĭuring today's sell-off, commercial banks, oil and gas exploration, cement, fertiliser and power generation, and distribution sectors were among the top losers. "Foreigners have been sellers for over three years in Pakistan now. "The net outflow in the last three days can be attributed to good results by the stocks they hold in Pakistan, which made them increase their selling opportunistically," said Saad Ali, head of research at Intermarket Securities. Latest data released by the National Clearing Company of Pakistan showed foreign sellers offloaded their positions in cement, oil and gas exploration, and commercial bank stocks. ![]() In the last three days, foreign investors have sold shares worth $15.85 million. “Cases in Pakistan are also rising with the ratio of new cases/daily tests edging up to above three per cent," he said, adding that significant foreign selling had also been seen over the last few days. "The market came under pressure today as international markets were also down due to a rising number of coronavirus cases," said Syed Atif Zafar, chief economist at Topline Securities. In percentage terms, the last time the benchmark saw an equivalent single-day decline was earlier this year on March 17, days before the country went into its first extensive lockdown to curb the spread of the coronavirus. However, in the late afternoon session the market reversed some of its losses, gaining 605 points from the day's low to end up at 39,888 – down 3.15pc. The trend continued and by 2:27pm in the afternoon, the market reached an intra-day low of 31,283, down 1,903 points – or 4.6 per cent. The sell-off began with the opening bell as the benchmark, which had closed at 41,187 yesterday, lost over 1,400 points in the first seven minutes of trading. Shares at the Pakistan Stock Exchange (PSX) were in free fall on Thursday with the benchmark KSE-100 index shedding more than 1,900 points, mimicking global markets after several countries announced restrictions to contain a second Covid-19 wave while authorities in Pakistan also imposed restrictions on commercial and social activities in 11 vulnerable cities.
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