Morning Market Brief 12th May 2022

Technical Overview

The Benchmark KSE100 index had established ground above supportive trend line of its previous descending wedge on daily chart during last trading session, meanwhile a morning shooting star have take place on hourly chart at day end but it's recommended to stay cautious before initiating new long positions except for day trading. It's expected that index would try to bounce back from this region it's recommended to wait for confirmation of hourly morning shooting star otherwise index may create a cheat pattern again. For current trading session 42,500pts would react as initial supportive region but breakout below this region would call for 41,900pts. While on flip side index would face initial resistance at 43,000pts which would be followed by 43,200pts. Hourly momentum indicators are strongly bullish therefore an intraday spike could be witnessed and if index would not succeed in giving breakout above 43,200pts then this sentiment would change towards volatility.

Japan's Okinawa may be on the front lines again as it marks anniversary of U.S. handover

Seihan Nakazato wants the missile trucks on the base next to his melon farm to leave, but few others on Okinawa's Miyako island, he complains, are demanding that Japan's army remove such weapons, which he says would make them a target for China.Reporting by Tim Kelly, additional reporting by Kaori Kaneko. Editing by Gerry Doyle"We are a small community and there are lots of complicated relationships," said Nakazato, 68, standing next to one of the greenhouses he worries could be bombed. "Some islanders do work for the base and others have relatives in the military."As Nakazato harvests his melons on Japan's key border outpost, Okinawa on Sunday marks 50 years since the United States ended its occupation, raising hopes of a return to normality after its devastation in World War Two. But the East China Sea island chain, which, along with Taiwan, hems in Beijing's forces, fears it will become a battlefield again.Read More...

Business News

KP Govt Introducing Modern Education Policies: Jhagra

Khyber Pakhtunkhwa Minister for Health and Finance Taimur Jhagra on Wednesday said that we have to increase the number of universities in the province and also pay attention to their quality.Addressing a function to distribute scholarship cheques among students at KMU and to inaugurate a new branch of Khyber Bank at KMU, Jhagra said that the provincial government is introducing education policies keeping in view the market demand. “We can successfully tackle the challenge of unemployment by creating more opportunities for vocational education. The services rendered by KMU through medical education and research as well as through the Public Health Reference Lab and Corona Vaccination Centre during the Corona outbreak are a testament to the vision, priorities and performance of the provincial government,” he added.Read More...

Lowest bids for LNG received from PetroChina

Amid growing electricity shortage, Pakistan on Wednesday received lowest bids from PetroChina International Singapore for spot Liquefied Natural Gas (LNG) cargoes for deliveries in the first and last week of June.Against its spot tender issued on April 30 for two cargoes in June, the state-run Pakistan LNG Ltd (PLL) received a total of five bids from three qualified bidders – PetroChina, TotalEnergies and Vitol Bahrain. The tenders were originally invited for first and third week of June that was later moved to the last week.PetroChina offered the cheapest spot cargoes at $23.968 and $22.498 per million British Thermal Unit (mmBtu) for June 1-2 and June 28-29 delivery windows, respectively. For first slot of June 1-2, the only other bid came from TotalEnergies at $25.77 per mmBtu.Read More...

Pakistan rules out trade with India

With a change in the federal government, the Ministry of Commerce (MoC) has ruled out the possibility of a resumption of stalled bilateral trade with India.The response came from the commerce ministry over the widespread speculation on social media that the new government led by Prime Minister Shehbaz Sharif is considering a proposal to resume trade with its arch rival India.“There is no change in Pakistan’s policy on trade with India,” an official announcement from the commerce ministry said.An official source in the Prime Minister’s Secretariat told Dawn that the appointment of a trade officer in New Delhi is one of the routine postings, adding that the post of trade officer in the Pakistan embassy in New Delhi has been vacant for years.Read More...

Court Asks NA Speaker To Form Committee To Review Laws

The Islamabad High Court (IHC) on Wednesday referred the matter related to social media laws drafted by PTI government to the Parliament and asked the Speaker National Assembly to constitute a committee to review these laws.A single bench of the IHC comprising Chief Justice of IHC Justice Athar Minallah issued the directions while hearing identical petitions filed against the implementation of “Removal and Blocking of Unlawful Online Content (Procedure, Oversight and Safeguards), Rules 2020”.During the hearing, the IHC CJ remarked that the government has changed and those who were in the opposition previously and were opposing these rules, are now in power. He said that now, it is better for the government to hold consultations with stakeholders and resolve the issue.Justice Athar observed that the court always thinks it appropriate that the government in power look into the matter and resolve it.Read More...