KARACHI, Nov 5: Foreign investment in stocks stood at Rs14 billion or around $240 million on October 19, figures of foreign portfolio investment in capital markets, released by the State Bank of Pakistan revealed.

Foreign portfolio investment recorded net outflow of Rs549 million or around $9 million in the three and half months — from July 1 to October 19, 2002 — of the current financial year.

According to the figures released by the SBP and posted on the SECP website on Monday, between July 1 and October 19, foreign investors had purchased shares of the value of Rs3,844 million and sold stocks valued at Rs4,393 million, reflecting net outflow of Rs549 million.

Although, foreign investors appeared to have sold more shares, than they bought, the net value of their portfolio increased 16 per cent during the period. At July 1, the market value of shares/securities held by foreign investors stood at Rs12.2 billion, which appreciated 16 per cent to the value of Rs14.2 billion on October 19.

The improvement, doubtless, reflecting the impact of the bull run at the market which has seen overall market capitalization jump 75 per cent or by Rs229 billion, since January — from Rs306 billion to Rs535 billion.

In the statement released on Monday, SBP showed week-wise figures of purchases, sales and net outflow/inflow of foreign portfolio investment. Accordingly, there was net inflow during the following weeks: July 15-27: Rs251 million; Aug 26-Sept 7: Rs44 million and Sept 23-Oct 5: Rs14 million.

The central bank recorded net outflow of foreign funds in the equity market in the following weeks: July 1-13: Rs225 million; July 29-Aug 10: Rs210 million; Aug 12-24: Rs124 million; Sept 9-21: Rs159 million and Oct 5-19: Rs140 million.