Morning Market Brief 13th Sep . 2021

Technical Overview

The Benchmark KSE100 index had continued its bullish pull back after completion of 100% expansion of its last bearish correction during last trading session and once again succeeded in recovering above its initial resistant region of 46,900pts. As of now daily and hourly momentum indicators are in bullish mode which indicates that index may continue its bullish sentiment but it needs to stay cautious because index have major resistant regions ahead at 47,350pts and 47,600pts. As long as it trading below 47,760pts it would be considered taking correction of its last bearish rallies, but breakout above this region would push index into bullish zone for short term basis. For current trading session index may open with a positive gap but later on a volatile session could be witnessed and index may take an intraday correction because hourly stochastic is ready for a bearish correction. But if index would succeed in sliding below 46,900pts then selling pressure would start piling up therefore it's recommended to post trailing stop loss on existing long positions.

Regional Markets

Asia shares step back, Nikkei hesitates near 30-year high

Asian shares made a sluggish start on Monday to a week packed with major U.S. and Chinese economic data and the launch of Apple's latest iPhones, while the Nikkei was tantalisingly near heights last visited in 1990. Japanese shares have been on a tear as hopes for fresh stimulus from a new Prime Minister saw the Nikkei surge 4.3% last week. The Topix has already scaled that peak, but the Nikkei dipped 0.3% ahead of the resistance barrier. Reports U.S. Democrats were considering proposals to raise taxes on corporations and the wealthy, while not exactly new, could make for a cautious mood.Read More...

Business News

Questions raised about oil refining policy

One of the country’s intelligence agencies has raised questions over the Pakistan Oil Refining Policy 2021 being taken up by the Cabinet Committee on Energy for approval on Monday (today). The committee, headed by Planning and Development Minister Asad Umar, will also consider cheaper electricity rates for domestic and commercial consumers for winter space heating, retention of some old power plants ordered by the federal cabinet for closure, policy guidelines for out-of-merit use of LNG-based power plants and revival of Asian Development Bank-funded smart metering for power companies.Read More...

Pakistani goods have strong competitive force at CAEXPO

Pakistan Ambassador to China, Moin-ul-Haque said on Sunday that Pakistani goods have a strong competitive force at the 18th China-ASEAN Expo especially the textile sector, which remains one of Pakistan’s flagship products. “Pakistan has already opened the market of China and ASEAN. These years, Pakistan’s exports have recorded a new volume, exports to China are showing great momentum as well, and we hope that by the end of this year, we will have a new breakthrough,” he said in an interview with China Economic Net (CEN). Pakistan is one of the few countries which have a complete ecosystem of textile, from weaving to dyeing, making garments and clothes.Read More...

Immediate steps to control rupee’s depreciation demanded

Pakistan Businesses Forum (PBF) on Sunday urged the government to take immediate and effective measures to control Pak rupee’s depreciation against US dollar to save the country’s economy. PBF Vice President Ahmad Jawad told the media that rupee’s depreciation was also one of the major causes of price hike that was hitting every sector of economy including agriculture as cost of agri inputs particularly fertilisers had increased manifolds. After having trade with Afghanistan in Pak rupee (PKR), he suggested that Pakistan must also make trade deals in PKR with other neighbouring countries. Ahmad Jawad said: “It is also a good move for our importers to deal in rupee.Read More...

Need stressed to unlock regional economic potential

President SAARC Chambers of Commerce and Industry Iftikhar Ali Malik on Sunday stressed the need for unlocking potentials of regional economic cooperation and integration to boost trade among SAARC members’ countries especially with Afghanistan at this critical juncture. Talking to a delegation of traders led by Muhammad Saddique Kamboh, he said inter regional trade in South Asia is less than one third of its potential which indicates 67 percent of trade is not being fully exploited. Other members of the delegation included Muhammad Adrees, Muhammad Nadeem, Muhammad Shafique and Muhammad Naeem. He said role of Afghanistan as a connector and as land bridge between Central Asia, the Middle East and South Asia needs to be reviewed in prevailing scenario to primarily focus on promotion of trade and investment.Read More...