Morning Market Brief 14th jul. 2021

Technical Overview

The Benchmark KSE100 index had continued its bearish journey towards 61.8% correction of its last bullish pull back during last trading session inside a bullish price channel on hourly chart. As of now hourly momentum indicators are ready for a pullback but daily indicators have generated bearish crossovers therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. Meanwhile it's being caged inside a daily triangle and right now it's standing at supportive trend line of that triangle. Currently it's expected that index would try to establish ground above 47,330pts-47,200pts region but breakout below this region would call for 46,900pts. While on flip side in case of reversal index would call for 47,700pts initially and breakout above this region would call for 47,900pts and 48,065pts. Today's closing matters a lot as index would try to set its trend if it would gave a breakout in either side.

Regional Markets

U.S. State Department invites U.N. racism investigators to visit U.S.

The U.S. State Department has invited U.N. experts who investigate racism and minority issues to conduct an official visit to the United States, Secretary of State Antony Blinken said on Tuesday."Responsible nations must not shrink from scrutiny of their human rights record; rather, they should acknowledge it with the intent to improve," Blinken said in a statement."I urge all U.N. member states to join the United States in this effort, and confront the scourge of racism, racial discrimination, and xenophobia," he said.Blinken said the United States welcomed the U.N. Human Rights.Read More...

Business News

Pakistan, China agree to expedite establishment of SEZs

Pakistan and China on Tuesday underscored the importance of expediting the establishment of special economic zones (SEZs) for creating abundant investment and employment opportunities in identified areas.Ambassador of the People’s Republic of China Nong Rong called on Federal Minister for Finance and Revenue Shaukat Tarin, at the Finance Division. SAPM on Finance and Revenue Dr. Waqar Masood and Secretary Finance Division were also present during in the meeting.While extending a warm welcome to Nong Rong, the finance minister stated that China-Pakistan bilateral relationship is an epitome of enduring friendship and brotherhood.Read More...

Infrastructure development firms backbone of all major economies

Born and bred in Lahore, MM Pakistan (Pvt) Ltd Managing Director, Waseem Nazir, is a graduate from the University of Engineering and Technology, Lahore before going on to complete his masters in Civil Engineering and an MBA from the UK.Following is a brief of an interview with Waseem Nazir about his professional services, rendered in the field of civil engineering and development consultancy.Can you briefly provide an overview of your career and introduce MMP to our readers.A: I graduated from UET, Lahore before going on to complete my masters in Civil Engineering and an MBA from the UK.Read More...

Samsung plans to start its mobile manufacturing in Pakistan, MPs told

The Senate Standing Committee on Industries and Production was informed on Tuesday that Samsung is poised to enter the local market and has short listed two companies for local manufacturing after obtaining the authorisation certificate.Meeting of the Senate Standing Committee on Industries & Production was held under the chairmanship of Senator Syed Faisal Ali Subzwari here at the Parliament House.Ministry officials apprised the committee members that 85 per cent of the total mobile phones in the country are imported every year. 21 new companies have been authorized to start local manufacturing/Assembly (vivo, Airlink, Inovi, telecom, OPPO).Read More...

Pakistanis send back record $29.4bn in year

Overseas Pakistanis remitted record $29.4 billion during 2020-21, helping the country meet its widening trade deficit and expected current account deficit in the last month of the just-ended fiscal year.The central bank said that with inflows of around $2.7bn in June (9pc growth year-on-year) and 8pc (month-on-month), workers’ remittances continued their unprecedented streak of above $2bn for a record 13th consecutive month.Data released by the State Bank of Pakistan (SBP) on Tuesday showed that remittances posted a 27 per cent year-on-year growth, which was the fastest rate of expansion since FY03.Read More...