Morning Market Brief 17th Nov . 2021

The Benchmark KSE100 index have created a morning star on daily chart during last trading session and successfully recovered above its major resistant region of 46,500pts before day end. As of now it's recommended to stay cautious as it's still trading below 46,900pts which would try to react as a major resistant region. Meanwhile a confirmation of daily morning star is required otherwise this would be considered as a correction of last dip and a cheat pattern, therefore it's recommended to post trailing stop loss on existing long positions. For current trading session index would face initial resistance at 46,900pts and if it would not succeed in closing above this region then a new sharp dip would be witnessed in coming days while breakout above this region would call for 47,200pts and 47,360pts. On flip side in case of bearish pressure index would try to establish ground above 46,200pts initially but breakout below this region would call for 46,000pts and 45,900pts. Daily closing below 45,900pts this time would change market sentiment for short term basis.

The dollar reached a four-and-a-half-year high against the yen on Wednesday after better-than-expected U.S. retail data, which also boosted Wall Street equities, although Asian shares failed to follow suit.MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.45% edging off Tuesday's near three-week closing high, with declines in most markets, while Japan's Nikkei lost 0.4%.The dollar reached a high of 114.97 yen in early Asian hours, its strongest since March 2017, while the euro languished at a 16-month low at $1.1320.The greenback was helped by Tuesday data which showed U.S. retail sales rose faster-than-expected in October, potentially encouraging the U.S. Federal Reserve to accelerate the tapering of its asset purchase programme.Read More...

Prime Minister Imran Khan will inaugurate the Track and Trace system of the Federal Board of Revenue (FBR) for the sugar industry on 23rd November, 2021 at PM House, Islamabad.The Track and Trace system will ensure electronic monitoring of manufacturing and sales of products of important sectors consisting of tobacco, fertilizers, sugar and cement. The scope of electronic monitoring ranges from manufacturing of the products to its usage by the end users, thus bringing much needed revenue for the country and preventing tax evasion in these sectors.After rolling out electronic monitoring of tobacco sector, FBR is now implementing Track and Trace System in the next significant sugar sector which will be followed by the remaining sectors.Read More...