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Cement sector remained hot favorite of Foreigners during the month of May 2021

Foreigners enhanced position in cements by USD31.2 million despite net selling during the month

admin-augaf by admin-augaf
May 31, 2021
in Business, Finance, International, National
Reading Time: 2 mins read
0
Cement stocks to maintain upward momentum as Coal’s Slumps from Record high and Brightens LNG Supply

Cement stocks to maintain upward momentum as Coal’s Slumps from Record high and Brightens LNG Supply

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Karachi May 31’2021: Foreigners remain net seller of USD42.8 million during the month of May 2021 despite buyer of Cement and Technology stocks given selling in Oil and Gas Exploration and Production and Others segment because of exclusion of Oil and Gas Company Limited (OGDCL PA) and Indus Motor Limited (INDU PA) from MSCI Emerging Market Index and MSCI Small Cap Index respectively.

Cement sector witnessed Foreigners inflow of USD31.19 million given up gradation of Lucky Cement into MSCI EM Large Cap index from MSCI Small Cap index and SBP accommodative stance with respect to setting policy rate. Foreigners bought USD11.4 million worth of shares of Technology sector on the back of TRG Pakistan Limited (TRG PA).

Earlier, MSCI, a leading provider of research-based indexes and analytics, announced on May 12’2021 the result of the May 2021 Semi-Annual Index Review for MSCI Equity Indexes including MSCI Global Standard Index and MSCI Global Small Cap. All changes will be implemented by May 27’2021.

From Pakistan’s perspective, there is one addition and one deletion in MSCI EM Large Cap Index. Lucky Cement (LUCK PA) will be added to the Index in place of Oil and Gas Company (OGDC PA). TRG Pakistan Ltd (TRG PA) is added to small cap index while Lucky Cement (LUCK PA), Indus Motor Company (INDU PA), National Bank of Pakistan (NBP PA) and Packages (PKGS PA) are deleted.

Foreigners bought USD2.8 million worth of share today which is the last trading of the current month. Foreigners enhanced their exposure in Cements, Banks, FMCG and Technology by USD2.1 million, USD1.5 million, USD0.6 million and USD0.5 million during the day respectively.

Source: NCCPL

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