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| | GEO Business | | Foreigners withdraw $228 mn from equities market | Updated at: 1726 PST, Saturday, September 27, 2008
KARACHI: Foreign portfolio investors continue to withdraw their funds from the country due to growing security tensions in northern Pakistan.
The net outflow of 228 million dollars has been recorded during the current fiscal year.
Official data shows that investors from the US topped the list with an outflow of 154 million dollars during the period, followed by UK's outflow of 62 million dollars and Switzerland with 36 million dollars.
Even in September, which has seen the stock market floored at 9144 points with no real exit available foriegn investors have managed to sell up to 9 million dollars worth of equities.
Market analysts relate this capital flight to the country's deteriorating law and order situation coupled with rupee's depreciation against the US dollar amid fragile economic fundamentals. |  |
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