Morning Market Brief 13th May 2022

The Benchmark KSE100 had bounced back after getting support from supportive trend line of its daily and weekly wedge during last trading session, meanwhile hourly and daily charts have created a strong pull back formation as a morning shooting star on hourly chart but it's recommended to stay cautious and wait for confirmation of this morning star before initiating new long positions. Overall index seems to start a bullish rally if it would succeed in closing above 43,200pts today as it would create a morning star on daily chart as well, meanwhile daily stochastic and MAORSI are ready for bullish pull back therefore it's expected that index would open with a positive note and it would try to target 43,200pts while breakout above this region would call for 43,500pts and 43,700pts. On flip side in case of rejection from its resistant regions index would try to establish ground above 42,400pts which would be followed by 42,200pts. Daily or weekly closing below 42,200pts would shake investors confidence which may result in a bearish rally in coming days.

Asian shares found some footing after a volatile session for U.S. equities, but the dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks.Those worries ultimately overcame hopes on Wall Street that high inflation might be peaking, pushing the S&P 500 close to confirming a bear market on Thursday, at nearly 20% off its January all-time high.In an interview later in the day, U.S. Federal Reserve Chair Jerome Powell said that the battle to control inflation would "include some pain". And he repeated his expectation of half-percentage-point interest rate rises at each of the Fed's next two policy meetings, while pledging that "we're prepared to do more".But after fears of the impact of central bank tightening led to sharp losses a day earlier, Asian shares bounced early in the trading day.MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.15%, trimming its losses for the week to around 3.5%.Australian shares were up 1.56%, while Japan's Nikkei stock index jumped 2.62%.Read More...

Director General of the Inter-Services Public Relations (ISPR) Major General Babar Iftikhar has taken strong exception to what he calls “Imprudent comments” recently made by important senior politicians about Corps Commander Peshawar, and termed it very inappropriate.“Such statements undermine the honour and morale of the institution and its leadership. It is expected that the senior political leadership of the country refrain from passing objectionable remarks against the institution whose brave officers and men are constantly putting their lives on the line to guard the integrity and sovereignty of Pakistan”, said the DG ISPR.The DG ISPR said the Peshawar Corps is an illustrious formation of Pakistan Army spearheading national war against terrorism for over two decades. He said that one of the most competent and professional officers is entrusted with the responsibility to lead this prestigious formation.Read More...