The Benchmark KSE100 index had formatted a bullish engulfing pattern to some extent during last trading session after getting support from a horizontal supportive region but it's recommended to stay cautious because this formation may convert into a cheat pattern as impact of previous daily evening star is still intact. For current trading session index may face initial resistance at 47,065pts which would be followed by 47,130pts where its being capped by strong horizontal resistant regions, while overall index would remain under pressure until it would not succeed in closing above 47,300pts where a descending trend line. While on bearish side index would try to establish ground above 46,630pts which would be followed by 46,450pts. Daily and hourly momentum indicators are in bearish mode therefore it's recommended to adopt selling on strength with strict stop loss.
Regional Markets
Tesla to work with global regulators to ensure data security -Musk
Electric vehicle maker Tesla Inc will work with global regulators to ensure data security, Chief Executive Elon Musk told the World New Energy Vehicle Congress in China on Friday."With the rapid growth of autonomous driving technologies, data security of vehicles is drawing more public concerns than ever before," Musk said in a video speech, adding data security is not only the responsibility of a single company.Cars are being fitted with an ever-increasing array of sensors and cameras to assist drivers.
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Business News
Pakistan becomes self-sufficient in mung bean output
Pakistan has become self-sufficient in mung bean production as the first estimate of the crop for 2021-22 records the legume output at 253,000 tonnes against the national requirement of about 180,000 tonnes.The self-sufficiency in mung bean — a major edible legume in Asia — was announced during the annual review and planning meeting for Rabi 2021-22 on Thursday. The meeting was organised by the Pakistan Agricultural.
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Joblessness jumped in 2018-19: labour survey
The country’s unemployment rate jumped from 5.8 per cent in 2017-18 to 6.9pc in 2018-19, the first year of Pakistan Tehreek-i-Insaf in power, according to the Labour Force Survey (LFS) published by the Pakistan Bureau of Statistics (PBS) on Thursday.In absolute terms, the number of people actively looking for jobs increased by 0.92 million to 4.71m in FY19 from 3.79m the previous year as the number of the country’s.
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Third LNG terminal to end Karachi industry’s gas woes: SSGC
Gas shortages for industries, especially in winters, will end after installation of third liquefied natural gas (LNG) terminal at the Port Qasim in a year or two, said Sui Southern Gas Company Ltd (SSGCL) managing director Imran Maniar.Speaking with businessmen at the Karachi Chamber of Commerce and Industry (KCCI) on Thursday,Mr Maniar admitted that there were difficulties and challenges.
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Centre, provinces to implement single portal for filing sales tax returns
The federal government and provinces have agreed to implement the much-awaited single portal for filing sales tax returns to reduce the compliance cost for taxpayers.The understanding was reached on Thursday during the second meeting of the National Tax Council (NTC) presided over by Finance Minister Shaukat Tarin at the Finance Division. The NTC considered different proposals for filing sales tax returns.The portal is being developed and is likely to be launched by the first week of October 2021, an official announcement said.
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