KSE-100 opens bullish today

KARACHI: The Pakistan bourse opened on a bullish note as the KSE-100 index witnessed an increase of 220.43 points, or 0.50 per cent, in the first hour of trading on Monday.

The stock on Friday, showed sharp recovery, amid higher trades in oversold stocks and short coverings, as investors’ weighed robust textile exports and remittances in October 2021. Speculations for likely resumption of the International Monetary Fund (IMF) programme and receipts from the Saudi package played a catalytic role in the bullish close.

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Analysts said that the positive trend in the local market prevailed today as Pakistan is expecting the Saudi fund as announced by the government officials, and the speculations of likely resumption of the IMF programme is also giving confidence to the investors.

The market is showing positivity in today’s opening attributable to the support from Saudi Arabia in terms of safe deposits of $3 billion, which will release pressure off of foreign exchange reserves and the slowdown in international oil prices will alleviate inflationary pressure.

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