Pakistan stocks opens bullish today

Pakistan stocks opens bullish today

Pakistan stocks opens bullish today

Stocks remain range-bound over political turmoil

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KARACHI: Pakistan stocks opened on a bullish note as the KSE-100 Index witnessed a surge of 275.42 points, or 0.59 per cent, in the first hour of trading on Wednesday.

The index on Tuesday went towards the red zone since the start of the trading session on news flow regarding uncertainty of the ongoing IMF discussions, increase in gas pricing for industrial sector, verbal rift from the opposition in the local politics and inflationary concerns.

Today, the stock exchange continued its bullish trend due to a government official’s tweet to clarify news surrounding the deal with the IMF, dealers said.

“The uncertainty prevailed over the market in the previous day because of a bit of news that Pakistan is dropping the plan to seek IMF help, but a tweet by adviser to the Prime Minister Imran Khan  on finance and revenue Shaukat Tarin has clarified that such news which are baseless has given investors a little confidence,” a broker at Pearl Securities said.

“The market will be volatile, until the government’s deal with the IMF is not completed,” he added.

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