Today's net buying of $6.9 million by local mutual funds at the PSX is likely the largest single-day net purchase I've seen in a long time. This suggests a shift from money market funds to equity funds, which is a bullish signal, especially given that 'foreign corporates' were once again net sellers at the PSX today, offloading a substantial amount of over $4 million, while the KSE100 Index surged nearly 1,000 points.
