On Friday net foreign buying topped Rs. 600 million bringing the year to date total to Rs. 1.76 billion, a record level for the past three years.
Friday’s inflow was on account of Rs. 1 billion investment by Goldman Sachs funds in to Commercial Bank. Bulk of the selling from the 10.6 million shares in total was SBI Venture Holding whilst Captains had shed some stake as well. Commercial Bank saw its foreign holding increase by 8 million shares last week.
Interest by Goldman Sachs funds is midst premier blue chips JKH continuously being favoured by foreign investors. Recently a JP Morgan fund bought into Expolanka Holdings whilst in recent weeks among other stocks which had elicited non-national interests were CTC, Tokyo Cement, Softlogic Holdings, DIMO, Aitken Spence, and Chevron Lubricants.
Asia Wealth Management last week said the current exchange rate is very much attractive to potential foreign investors to enter the market. “We observed foreigners being positively responding to this stimulus, and a continuation of this would lead fresh capital flowing to the market. But we strongly believe that stability in the economic policies is vital to retain investor’s confidence,” Asia added.