KSE-100 opens bullish today

KARACHI: The Pakistan Stock Exchange (PSX) opened on a bullish note as the KSE-100 index witnessed an increase of 87.25 points, or 0.19 per cent, in the first hour of trading on Thursday.

The Pakistan equity market on Wednesday observed a profit-taking session on the back of concerns regarding the joint parliament session and anticipated hike in the interest rates due to which selling pressure persisted at the bourse despite the rupee appreciation.

“The market opened on a slightly positive note due to rupee appreciation against the dollar in the past three days and the expectations that the government’s deal with the IMF will soon be done, and the fund from Saudi Arabia also had a positive impact on the local market today,” Ahsan Mehanti at Arif Habib Corp said.

“But the market will remain under pressure due to the expected hike in policy rate in the upcoming meeting along with the mounting inflationary expectations,” he added.