KSE-100 opens bearish today

KARACHI: Pakistan Stock Exchange opened on a bearish note as the KSE-100 index witnessed a decline of 32.60 points, or 0.07 per cent, in the first hour of trading on Tuesday.

On Monday the bears ruled over the bulls in local bourse, as investors were unable to digest the higher-than-expected interest rate increase. The beginning of the rollover week witnessed bearish momentum, despite the long awaited news that Pakistan and the International Monetary Fund IMF have reached a staff-level agreement.

Analysts said that the bearish opening today is the continuity of the impact of the higher-than-expected policy rate hike, along with rupee depreciation which is putting pressure on the market.

The bourse will likely remain under pressure as the news of the current account deficit deteriorating to $1.7 billion is also creating further volatility in the market.

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