Morning Market Brief 12th Aug . 2021

Technical Overview

The Benchmark KSE100 index had continued its bullish pull back during last trading session and have created a morning shooting star on daily chart, but it moved downward before day end for an intraday correction of this pull back. As of now it's expected that index would try to continue its bullish journey during last trading session therefore buying on dip could be beneficial for day trading but for short term investment it's recommended to wait for confirmation of morning shooting star and closing above 47,730pts. Currently it's being capped by a horizontal resistant region at 47,710pts which is being followed by a strong resistant region at 47,900pts. While on flip side in case of bearish pressure index would try to establish ground above 47,200pts but breakout below this region would call for 47,000pts and 46,900pts. Hourly Stochastic and MAORSI have turned their direction towards bearish side but MACD is still keeping hope for bulls but daily momentum indicators are still in uncertain zone therefore it's recommended to stay cautious.

Regional Markets

Asian shares fall as Delta fears eclipse Wall Street uptick

Asian shares failed to follow a strong close on Wall Street with fears about the spread of the Delta variant of the coronavirus weighing on sentiment even as tame U.S. inflation eased fears the Federal Reserve would rush to reduce its economic support.That data also caused dollar to retreat against most major currencies and U.S. Treasury yields to edge down overnight though both were steadier in Asian hours.MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.25% in early trading, dragged by a 0.24% decline in Chinese bluchips.The Hong Kong benchmark fell 0.2% while Australian shares were largely flat and Japan's Nikkei rose 0.35%.Read More...

Business News

Govt assures full security to Chinese working on Dasu site

Pakistan has assured China of a safe and more secure environment in the Dasu hydropower project area for the Chinese workers.Water and Power Development Authority (WAPDA) Chairman Lt Gen (r) Muzammil Hussain Wednesday called on Chinese Ambassador to Pakistan Nong Rong and discussed the progress on Dasu incident probe in which nine Chinese were killed.During the meeting, the matters pertaining to the resumption of construction work and security arrangements made for the safety of Chinese nationals in the country area were discussed in detail.Read More...

Ecnec seeks updated proposal for Attabad Lake Hydropower project

Executive Committee of the National Economic Council (Ecnec) has directed the government of Gilgit-Baltistan and Wapda to work out an updated proposal ensuring sustainability of the Attabad Lake Hydropower Project and present before the Committee for requisite approval.Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin, presided over the meeting of the Executive Committee of the National Economic Council (Ecnec). Ministry of Planning, Development and Special Initiatives presented a summary regarding Attabad Lake Hydropower Project to be executed by Wapda amounting to Rs 25.4 billion.Read More...

ECC approves NRLP to boost remittances

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved National Remittance Loyalty Programme (NRLP), aimed at offering monetary and other benefits to lure overseas Pakistanis to remit their hard earned money through formal channels.Federal Minister for Finance and Revenue, Shaukat Tarin chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet. The secretary finance made a detailed presentation on National Remittance Loyalty Programme (NRLP) before the Committee. He stated that remittances form backbone of the economy.Read More...

Remittance loyalty programme approved

The Economic Coordination Committee of the Cabinet on Wednesday approved the National Remittance Loyalty Programme envisaging incentives for overseas Pakistanis to sustain positive trajectory of remittances.“The NRLP will offer incentives/rewards to overseas Pakistanis for sending remittances to Pakistan based on point’s accumulation structure,” said a summary presented by Incharge Secretary Finance Yousaf Khan to the ECC on the basis of a proposal already approved by the prime minister on July 2, 2021. The scheme would cost the exchequer about Rs13.1 billion this year.Read More...