June 1, 2017 / 11:25 AM / 3 months ago

Pakistan stocks tumble on unexpected foreign portfolio outflows

A sign of the Pakistan Stock Exchange is seen on its building in Karachi January 11, 2016.Akhtar Soomro/Files

KARACHI, PAKISTAN (Reuters) - Pakistan stocks fell nearly 4 percent on Thursday, posting their biggest single-day drop since August 2015, hurt by unexpected foreign portfolio outflows, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed 3.58 percent, or 1,810.76 points, lower at 48,780.81, marking its sixth straight session of decline. The index has shed 7.7 percent in the six sessions through Thursday.

"Contrary to investors' expectation after re-inclusion into the Emerging Market Index from June 2017, the market witnessed foreign portfolio outflows instead of inflows," said Muhammad Rizwan, head of market at Topline Securities Private Ltd.

The market is expected to be lacklustre in the coming days in the absence of any trigger, he said, adding that: "budget is over, only politics is left."

Reporting by Syed Raza Hassan; Editing by Subhranshu Sahu

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