KSE-100 opens bullish today

KARACHI: The Pakistan Stock Exchange opened on a bullish note as the KSE-100 index witnessed an increase of 184.69 points, or 0.41 per cent, in the first hour of trading on Friday.

The stocks closed bearish on renewed concerns in the global equities over Covid-19  pandemic. Important news that dampened investors’ confidence, were regarding a rise in international coal prices and widening trade deficit.

Read more: BOL NEWS BUSINESS DIGEST: January 7, 2022

A slump in the rupee, surging trade and current account deficit and uncertainty over outcome of the International Monetary Fund (IMF) board review on January 12, played a catalyst role in the bearish close.

Analysts said that the local equity opened bullish, as the oil prices edged up on Friday, heading for their biggest weekly gains since mid-December, fuelled by supply worries.

While the Omicron variant is rapidly taking hold, demand-side concerns are easing amid rising evidence that it is less severe than previous variants, giving a boost to investors’ confidence in the local market.