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Drumbeat: Ad Buzzaar
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Thursday, July 9, 1998
FIIs pull out Rs 1800 crore in two months
ENS ECONOMIC BUREAU
MUMBAI, JULY 8: Foreign institutional investors have withdrawn a whopping Rs 1800 crore from the Indian markets during the last two months. The net FII investment in dollar terms was a negative $ 434 million. Worse, the latest figures released by the Securities and Exchange Board of India show that there is no let-up in FII outflow. For the week-ending July 3, the net FII investment was a negative Rs 75.7 crore or $ 18.7 million compared to Rs 54 crore ($13.3 million) for the previous week.The pull out by the FIIs over the last two months is much more than the seasonal withdrawal of funds witnessed during November to December every year. For instance, during December 1997 the total amount withdrawn was Rs 578 crore. In May they pulled out Rs 883 crore and another Rs 836 crore during June. As a result the net cumulative investment by FIIs in the country stands reduced to $ 8.82 billion compared to $ 9.28 billion at the end of March, 1998. While FIIs withdrew Rs 108 crore during April, mainly on account ofprofit-booking, the cumulative impact of the nuclear tests and a disappointing budget for the market saw a substantial outflow of funds during the subsequent months. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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