KSE-100 opens bearish today

KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100 index witnessed a decline of 112.95 points, or 0.26 per cent, in the first hour of trading on Friday.

The Pakistan bourse closed bearish on Thursday, as the less-than-expected rate hike and the central bank’s forward guidance was disregarded by the market after the T-Bills target was missed and yields didn’t ease.

The market opened on a negative note the previous day and profit-taking continued; following the T-Bills auction where yields remained flat contrary to the investors’ expectations.

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Analysts said that the stocks today opened on bearish note as the concerns over the central bank’s policy tightening and foreign outflows.

Likely announcements of a mini-budget for the resumption of the International Monetary Fund programme and reports of the UK court imposing over Rs19.4 billion fine on Sui Northern Gas Pipelines Limited played a catalytic role in shattering investors’ confidence in the market.