KSE-100 opens bullish today

KARACHI: The Pakistan stocks opened on a bullish note as the KSE-100 index witnessed an increase of 517.29 points, or 1.2 per cent, in the first hour of trading on Tuesday.

The Pakistan equity market on Monday moved both ways on account of pressure on economic numbers along with the political disturbance. The investors’ interest was low during the day, amid concerns over further hike in the policy rate in the upcoming monetary policy announcement.  The index managed to close in the green, as the State Bank of Pakistan (SBP) received a $3 billion deposit from Saudi Arabia.

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Analysts said that the bullish opening today is the continuity of the last day’s closing as the rupee is making slight recovery against dollar, and the Central bank reserves received the much needed deposit from Saudi Arabia.

The international equity markets are coming out of the fears of the new variant of the Covid-19, and the global crude oil prices rebounding after the ease of pressure due to the Omicron variant, gave confidence to the investors in the local bourse.