The KSE100 Index made a significant decline of 1,722 points (-2.1%) and closed at 80,118. Some political comments and Fitch's remarks on the possibility of an interim change sparked the decline.
Even as the market declined, there was a good amount of net buying by foreign corporates, around $1.4 million.
Strangely, today overseas investors made a massive net buying of over $3.7 million. My sense is that this sudden burst of activity by overseas Pakistanis is on account of local owners routing their acquisitions through foreign accounts.
Also noteworthy is the net buying by local mutual funds, amounting to $2.2 million.
The decline in the market is probably due to massive net sales by insurance companies, who sold close to $10 million worth today.
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