KSE-100 opens bearish today

KARACHI: The Pakistan bourse opened on a bearish note as the KSE-100 index witnessed a decline of 132.49 points, or 0.29 per cent, in the first hour of trading on Thursday.

The local equity market closed higher on Wednesday, led by oil and banking scrip, amid surging global crude oil prices and reports of surging banking assets near to Rs28.79 trillion and a decline in non-performing loans.

Read more: Pakistan stocks witness lacklustre session amid profit-booking

The stocks moved both ways as profit taking was observed in the cement sector in the first half session; however, aggressive activities were seen in penny stocks, which cumulatively cushioned the market sentiment.

Analysts said that the stocks opened bearish today, as the global crude oil prices fell more than $1 a barrel from their highest levels in more than a month after US fuel stockpiles surged amid declining demand.

Pakistan’s trade deficit widened in July-December, by a sharp 106.4 per cent to $25.478 billion year-on-year which was driven largely by a nearly triple increase in imports compared to exports.