KSE-100 opens bullish today

KARACHI: The Pakistan bourse opened on a bullish note as the KSE-100 index witnessed an increase of 245.22 points, or 0.23 per cent, in the first hour of trading on Wednesday.

The Pakistan stocks closed flat on Tuesday in the absence of positive triggers, renewed concerns over the Covid-19 pandemic in global equities, weak global crude oil prices and rising trade deficit.

Weak rupee, surging trade and current account deficit and uncertainty over the outcome of the International Monetary Fund (IMF) board postponed review played a catalytic role in the bearish close.

Analysts said that the local equity market opened in the green zone amid rising global commodity prices, and the global equities rebounding after the Fed chair did throw any further hawkish surprise.

The World Bank has projected Pakistan’s GDP growth rate at 4 per cent for 2022/23, benefiting from structural reforms enhancing export competitiveness and improving the financial viability of the power sector.