The Benchmark KSE100 index had confirmed its evening shooting star on daily chart after facing rejection from horizontal resistant region during last trading session. As of now momentum indicators on daily chart have created bearish crossovers which indicates that index may some serious pressure in coming days if it would not succeed in recovering above 47,065pts till day end today, it's recommended to stay cautious and post trailing stop loss on existing positions because once again index have succeeded in sliding inside its bearish wedge on hourly chart. For current trading session index seems to open with a negative note and it may try to create a double bottom on daily chart as hourly momentum indicators are showing recovery signs but for a reversal index needs closing above 47,130pts on daily chart therefore a volatile session could be witnessed today. On flip side in case of reversal index would face initial resistance at 47,065pts which would be followed by 47,130pts. Overall index would remain under pressure until it would not succeed in closing above 47,730pts. Daily closing below46,400pts would push index for another 700-1000pts in bearish direction but it's recommended to adopt swing trading until a clear breakout take place.
Regional Markets
Australian employment slides in August as lockdowns slash workers' hours
Australian employment dived in August as coronavirus lockdowns in Sydney and Melbourne forced businesses to lay off workers and slash hours, while the jobless rate was nudged lower by a sharp fall in the number of people looking for work.Thursday's data from the Australian Bureau of Statistics showed employment fell by 146,000 in August, compared to median forecasts of a drop of 90,000.The unemployment rate dipped to 4.5%, having already fallen to 4.6% in July when lockdowns also distorted the data.
Read More...
Business News
Industrial development core priority of govt, Khusro
Makhdum Khusro Bakhtyar, Federal Minister for Industries and Production, on Wednesday said that industrial development is a core priority of the incumbent government with prime focus on promoting SMEs particularly.He made these remarks while chairing a consultative meeting with SME stakeholders Wednesday afternoon. Jawwad Raffique Malik, Secretary Industries and Production, along with senior officials of Ministry and Hashim Raza, CEO SMEDA, attended the meeting.
Read More...
Axed aide to PM sees current account deficit surging in FY22
Growing pressure in the external sector is likely to result in a current account deficit of $12 billion to $17bn for 2021-22, veteran bureaucrat and former aide to the premier Dr Waqar Masood Khan said on Wednesday.Addressing a book launch ceremony at the Institute of Business Administration (IBA), Dr Khan said the country should expect major changes in interest rate, exchange rate, taxation and energy policies as soon as the International Monetary Fund (IMF) programme is revived.
Read More...
LSM grows by modest 2.25pc in July
The Large Scale Manufacturing (LSM) grew by 2.25 per cent in July, reflecting a slowdown in industrial output, data released by the Pakistan Bureau of Statistics (PBS) showed on Wednesday.The slowdown in the first month of the current financial year is in stark contrast compared to the previous few months when the industrial growth was in double digits with a claim of revival of industrial production after a slump because of a countrywide lockdown due to the Covid-19 pandemic.
Read More...
ECC okays Rs44bn financial aid for PIA
Within first quarter of the new fiscal year, the Economic Coordination Committee (CCI) of the Cabinet on Wednesday approved Rs28 billion supplementary grants to Ministry of Defence and about Rs44bn to Pakistan International Airlines.Presided over by Finance Minister Shaukat Tarin, the ECC also allowed 70 million cubic feet of imported gas to two Punjab-based fertiliser plants for the upcoming Rabi season and ordered a review of overall requirements to conclude if urea imports would be required.
Read More...
0 Comments
No comments yet. Be the first to comment!
Please log in to leave a comment.