Pakistan bourse remains bullish at midday

KARACHI: The Pakistan stocks witnessed a bullish trend at midday, as the KSE-100 Index registered an increase of 5.32 points, or 0.01 per cent, on Wednesday.

The Pakistan stocks observed a profit-taking session on Tuesday, as the global markets turned red, amid concerns over the rapid spread of the Omicron virus globally.

The current account deficit was recorded at $1.9 billion in November 2021 to reach $7 billion for the five months of FY22. Similarly, selling pressure was observed in the late hours, dragging the index to close in the red.

Analysts said Pakistan and the Asian Development Bank on Wednesday signed six financing loan agreements worth $1.544 billion, which gave a boost to the local market.

The ICT export remittances for the period July-November of the fiscal year 2021/22 surged to $1.051 billion at a growth rate of 37.57 per cent.

The recovery of global crude oil prices of over one per cent on Tuesday, despite demand concerns due to the Omicron, is also giving confidence to the investors at the local bourse.

The market is still expected to move both ways on the concerns of the rising current account deficit and the expected tax resumptions in the upcoming mini-budget, they added.

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