Islamabad, Oct 16: FTSE Benchmarked Fund Sells 50% Position in Pakistani Stocks
According to the September 2024 holding analysis, by September 2024, Vanguard, the FTSE benchmarked fund, has sold roughly $82.5 million worth of stocks, out of a total of $165 million using the current market price.
According to Topline Securities, around $60 million worth of stocks were sold in the first two weeks of October 2024, bringing the entire selling value to $135–145 million.
Background
Pakistan failed to achieve the stock count requirements, hence on July 03, 2024, FTSE Russell stated that Pakistan would be reclassified from Secondary Emerging to Frontier Market category, effective September 23, 2024. As of April/May 2024, a FTSE benchmarked fund had a $160–165 million holding in Pakistani stocks.
Top Sold Positions as of September 2024
By September, the fund was fully sold in Systems Limited (1.8 million shares), and by September 2024, OGDC had sold off 96% of its interest with a quantity of 25 million shares (total 26.3 million). Moreover, the fund sold 18.4 million shares, or 84% of its total holdings in EFERT, for a total of 21.8 million.
Top Remaining Positions as of September 2024
By September 2024, the fund had sold only 11% of its position in PSO, leaving 11.4 million of the total 12.8 million shares in its possession. With 28% of the shares sold in both stocks, PPL and FFC hold the second and third remaining positions. Out of a total ownership of 25.0 million and 25.3 million shares, respectively, PPL and FFC had 17.8 million and 18.2 million shares left, respectively.
