KSE-100 opens bullish today

KARACHI: Pakistan Stock Exchange opened on a bullish note as the KSE-100 index witnessed an increase of 274.72 points, or 0.60 per cent, in the first hour of trading on Tuesday.

The Pakistan bourse witnessed a profit-taking session on Monday, as the negotiations between Pakistan and the International Monetary Fund (IMF) have not ended which exerted pressure at the bourse. Investors’ interest was low during the session, amid expected hike in the upcoming MPS [monetary policy statement] announcement coupled with the continuous currency depreciation. The market remained bearish because of macro-economic concerns, including the runaway inflation and monetary tightening.

Ahsan Mehanti at Arif Habib Corp said, “International oil market is recovering which is positively affecting the local market, and investors are also taking the increase in textile exports as a positive sign.”

“The speculations surrounding Pakistan’s deal with the IMF that it is nearly done, is also driving the equity market towards a bullish note,” he added.