Morning Market Brief 14th Sep . 2021

Technical Overview

The Benchmark KSE100 index have given bullish breakout of its descending wedge on hourly chart during last week and index had tried to maintain bullish sentiment during last trading session as well but a volatile session was witnessed during last trading session which closed with a positive note. As of now it's expected that index would try to continue its bullish rally after retesting of resistant trend line of its bullish wedge therefore buying on dip could be beneficial with strict stop loss. Currently hourly momentum indicators are losing strength but daily momentum indicators are still in bullish mode therefore it's expected that index would try to target its resistant regions initially, it's expected that index would face initial resistance at 47,430pts but breakout above this region would call for 47,600pts and 47,730pts. While on flip side in case of facing rejection from these regions index would start sliding downward to retest its previous resistant regions as supportive ones. index would be considered bullish as long as its trading above 46,900pts but even hourly closing below this region would push index into bearish zone as it would once again slide inside its previous descending wedge after penetration below this region.

Regional Markets

Asia shares mixed, dollar steady ahead of U.S. inflation

Asia's share markets were mixed and the dollar held steady on Tuesday, with investors awaiting U.S inflation data for more clues on when the Federal Reserve will taper stimulus.China's tightening grip on its technology companies and a widening liquidity crisis for the country's most indebted developer continued to keep investors on edge in early trade.MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13%.Australia's S&P/ASX200 fell 0.31% to 7,400.8, while Hong Kong's Hang Seng Index dipped into negative territory.Read More...

Business News

Chinese investment to boost job opportunities: PM Imran

Prime Minister Imran Khan has said that the government is focusing on the ‘ease of doing business’ policy and extending facilities to investors.During a meeting with heads of Chinese companies on Monday, he expressed the confidence that Chinese investment in Pakistan would open up immense employment opportunities.The prime minister said Pakistan could learn a lot from China in terms of industrial development, agriculture, fisheries, vegetables and fruits, high-yielding livestock and information technology.Read More...

Scope of ITFC financing discussed

A virtual meeting was held between Omar Ayub Khan, Minister for Economic Affairs, and Eng Hani Salem Sonbol, Chief Executive Officer (CEO) ITFC, to discuss the scope of ITFC financing. It was discussed that how ITFC can arrange financing for broader trade activities in Pakistan under commodity financing. The minister for economic affairs appreciated ITFC which arranged financing of about US$ 7 billion for import oil & LNG from 2008 to 2021. It was highlighted that Pakistan’s POL financing requirement is much bigger, therefore, ITFC can get bigger portion of financing from the existing US$ 1.5 billion each year.Read More...

CCOE approves winter incentive package for electricity consumers

The Cabinet Committee on Energy (CCOE) Monday approved the winter incentive package for electricity consumers fixing the rate of incremental consumption at Rs12.66 per unit for domestic consumers and also directed the Petroleum Division to bring mechanism for gas price increase for the same months of the season.The Cabinet Committee on Energy (CCOE), which met under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar, also approved the Pakistan Oil Refinery Policy 2021 in principle.Read More...

Pak-Tajikistan to sign transit trade agreement soon: Razak

Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Monday said transit trade agreement between Pakistan and Tajikistan would be signed soon.Increasing transit trade between the two countries would be a new beginning for the region’s bilateral economic and trade ties, as well as facilitating contacts with other countries, said a news release issued here.The advisor said Pakistan was also working to promote bilateral trade and economic connectivity with the rest of Central Asian states.Read More...