Morning Market Brief 13th Jun 2022

The Benchmark KSE100 index had continued its bullish journey during last trading session but it still could not succeeded in closing above its initial resistant region therefore it's recommended to stay cautious as long as its trading below 42,200pts. Daily closing above 42,200pts would call for 42,500pts and 42,700pts. For current trading session index would face initial resistance at 42,160pts where its being capped by horizontal resistant region. Meanwhile intraday and daily momentum indicator are in bullish mode therefore it's expected that index would try to open with a positive gap but later on a slight dip could be witnessed and if index would succeed in maintaining above 41,640pts then a sharp recovery would be witnessed but closing below this region on hourly chart would push index towards 41,330pts and 41,000pts.

Asian stocks sank on Monday and bond yields ticked higher, as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a COVID-19 warning from Beijing added to concerns about global growth.Chinese blue chips dropped 0.84%, and Hong Kong's Hang Seng suffered a 2.9% slide.Japan's Nikkei slumped 2.78%, and South Korea's Kospi declined 2.78%.New Zealand's stock benchmark was off 2.1%. Australian markets were closed for a holiday.U.S. stock futures pointed to further losses at the reopen, with the S&P 500 indicating 1.54% lower, after Friday's 2.91% retreat.The dollar hit 135 yen for the first time in two decades, buoyed by a rise in Treasury yields that continued into Tokyo trading, with the 10-year reaching a more than one-month peak of 3.201%, putting it just two-tenths of a basis point from the highest since November 2018.Read More...

A protest was held outside the Sindh Assembly on Sunday against the alleged abduction of two Baloch students of the University of Karachi (KU) by law enforcement agencies.elatives and civil society organisations had set up a protest camp outside the Karachi Press Club (KPC) for the last two days and on Sunday evening, they took out a rally from the KPC to the provincial legislature.everal protesters, including women and children, removed temporary barriers erected by the police at Arts Council Chowrangi and managed to stage a sit-in outside the main gate of the assembly. South-SSP Asad Raza told media that around 60-70 protestors led by Aamna Baloch, Seemi Din Mohammed Baloch, Abdul Wahab Baloch, Varsa Pirzada and others started marching from the KPC.he senior officer said the police did not take any action as the protesters were mostly women and children. He said the authorities were negotiating with the protesters to persuade them to end their sit-in outside the assembly gate as the budget session was expected to take place on Monday evening.Read More...