KSE-100 opens bearish on Friday

KARACHI: Pakistan equity market opened on a bearish note, as the KSE-100 Index witnessed a decline of 51.37points, or 0.11 per cent, in the first hour of trading on Friday.

The bourse on Thursday kicked off on a positive note, but concerns on inflation and weakening of the rupee against the dollar created uncertainty for investors to take fresh positions, which eventually resulted in a profit-booking scenario of the last day positions in the second half. Acceleration in profit-taking towards the end of trading dragged the index into the red zone and as a result it closed with a modest loss.

“Rupee depreciation against dollar along with uncertainty of oil prices in international oil market put pressure on the local equity market and it may remain under pressure throughout the whole trading session, but it is expected that the market may rebound and close on a positive note,” Managing Director and CEO Arif Habib Commodities Ahsan Mehanti said.