KSE-100 opens bearish today

KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100 index witnessed a decline of 153.15 points, or 0.35 per cent, in the first hour of trading on Thursday.

The Pakistan equity market closed bearish on Wednesday, as it remained range-bound with low volumes and across-the-board lacklustre activity. The KSE-100 went up 285 points during the day but couldn’t manage to sustain positive momentum.

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The activity was witnessed majorly in E&P stocks, on the expectations of resolution of gas circular debt. The selling pressure, amid concerns over the upcoming monetary policy announcement kept the index momentum in check.

Analysts said that the market opened bearish today as the investors’ interest was dragged down, while keeping an eye on the pressurised economic figures coupled with the continuous rupee depreciation.

The local currency hit an all time low last day, the fall comes as pressure mounts on the currency amid a widening trade deficit and falling foreign exchange reserves.

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