KSE-100 opens bearish today

KARACHI: The Pakistan bourse opened on a bearish note as the KSE-100 index declined 19.21 points, in the first hour of trading on Friday.

The Pakistan stocks continued negative trend for the fourth consecutive session on Thursday, as the investors were concerned over continued foreign selling over the MSCI reclassification due next week, dealers said. The stocks remained under pressure on the concerns over surging bond yields, reports of over Rs50 trillion government debt burden and the rupee instability.

Analysts said that the market is reacting to the foreign selling amid MSCI reclassification and the rupee depreciation. The investors are under pressure due to the hike in the policy rate, and news of the removal of general sales tax is also another factor driving the local stock market toward bearish note.

The market remained under pressure as reports of a likely mini budget is also putting pressure on the market and it is expected to be volatile.

Read more: Dollar touches historic high at interbank