KSE-100 opens bullish today

KARACHI: The Pakistan stocks opened on a bullish note as the KSE-100 index witnessed an increase of 249.15 points, or 0.55 per cent, in the first hour of trading on Wednesday.

The Pakistan equity market on Tuesday witnessed profit-taking in the overbought market, as the investors remained concerned over surge in the Pakistan Investment Bond (PIB) yields by up to 246bps, weak global equities and slump in the global crude oil prices.

Analysts said that the market is reacting positively to the $3 billion deposit agreement signed between the State Bank of Pakistan and Saudi Fund for Development, which will help the local currency recover against the dollar.