KSE-100 opens bearish today

Web Desk

11th Jan, 2022. 11:43 am
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Stocks down 150 points over profit-taking

KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100 index witnessed a decline of 144.76 points, or 0.32 per cent, in the first hour of trading on Tuesday.

The Pakistan stocks successfully managed to close in the green territory on Monday, as the International Monetary Fund (IMF) agreed to reschedule the sixth review of the $6 billion Extended Fund Facility (EFF) on the request of the Finance Division.

Moreover, the local players’ liquidity increased due to the inflows from foreign firms. Additionally, the higher interest rate environment triggered investors’ interest in the banking sector.

Analysts said that the local market is reacting to the rescheduling of the sixth review for the EFF with the IMF on the request of the Finance Division, resulting in the further delay of funds disbursement to Pakistan.

The local rupee is experiencing fluctuations as the talks for much needed funds to give boost to the currency has been rescheduled on the government’s request, they added.