Morning Market Brief 17th jun. 2021

Technical Overview

The Benchmark KSE100 index had converted its bullish breakout above 48,660pts into a false penetration and have started moving downward after facing rejection from an ascending trend line on daily chart since last two trading sessions. As of now supportive trend line of its previous bullish trend channel on hourly chart would try to add some fresh volumes around 48,300pts but breakout below this region would push index towards 48,000pts and 47,730pts. Overall a bearish trading session would be witnessed during current trading session therefore It's recommended to stay cautious and post trailing stop loss on existing long positions because if index would not succeed to recover in upward direction below 48,300pts then a quick bearish dip would be witnessed in coming days as hourly and daily momentum indicators are already in bearish mode and these would push index towards its next supportive regions. While on flip side in case of bullish pull back index would face initial resistance at 48,830pts which would be followed by 49,054pts therefore it's recommended to start selling from this region with strict stop loss of 49,200pts.

Regional Markets

In final debate, Democratic NYC mayoral candidates clash over policing

The eight leading candidates seeking the Democratic nomination for New York City mayor exchanged jabs on Wednesday over public safety, housing and homelessness at the final televised debate before Tuesday's primary election.But with the race lacking a definitive favorite six days before Election Day, the two-hour debate seemed unlikely to fundamentally alter the contours of what has been a fluid and unpredictable campaign as the pandemic-stricken city grapples with rising crime and economic inequality.Eric Adams, the Brooklyn borough president and former police captain, faced only a handful of attacks despite entering the evening as the front-runner in most recent polls.Read More...

Business News

Kamyab Jawan, PepsiCo sign up to offer Pakistan’s largest internship programme

style="text-align: justify;">Prime Minister’s Kamyab Jawan and PepsiCo Pakistan have signed a memorandum of understanding (MoU) to offer the largest internship programme in the country. Through the MoU, PepsiCo and its bottling partners will offer 1000 internships for students from across the country through a virtual internship programme. The internship program will prepare students for their professional careers by giving them experience of working in a business environment.PepsiCo’s ambition of rolling out a large-scale initiative for youth has been made possible through leveraging its ‘Roshan Kal’ platform. PepsiCo Roshan Kal is a youth platform that develops the professional skills of students through internships and skills development programs. Roshan Kal has created over 5300 opportunities for youth through its internship programme and its professional skills development programme that is run in collaboration with Amal Academy.Read More...

SECP issues draft regulatory framework for digital-only insurers, microinsurers

The Securities and Exchange Commission of Pakistan (SECP), as part of its agenda to promote digitalisation and encourage innovation in financial services, has introduced draft registration regime for digital-only insurers and dedicated microinsurers, for seeking public comments.The draft framework, proposed through amendments in Insurance Rules, 2017, sets out the registration requirements for entities desirous to operate through digital mode only, and for entities wanting to transact small ticket size insurance i.e. microinsurance. In addition, the draft also stipulates requirements relating to business conduct such as technological capacity, allowable classes of business, requirement to start pilot operations before full-scale launch, cyber security, product filing requirements, fair treatment of customers, among others.The initiative, based on global developments concerning insurers operating on digital-only basis, will be further complimented by recent developments in payment systems landscape.Read More...

Govt approves another $17.3m for PIAIL to pay its liabilities

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday has approved another $17.3 million for Pakistan International Airlines Investment Limited (PIAIL) for paying its liabilities.The ECC has approved $17.3 million for PIA-IL for payment of recurring as well as one-off liabilities in respect of Roosevelt Hotel New York, USA, as verified by the Auditor and recommended by PIA-IL Board. The ECC also directed that Finance, Privatization Commission, PIA/Aviation Division should consult with each other and propose a strategy in a month’s time for deciding the future of the asset.Earlier, in September last year, the Economic Coordination Committee (ECC) had approved funds worth $142 million to address the financial challenges faced by the PIA-owned Roosevelt Hotel in New York, US.Read More...

State Bank allows fee on interbank fund transfers

he State Bank of Pakistan on Wednesday allowed banks and other service providers to charge a minimal fee on high-value transactions while the low-income segments of population will continue to use digital transactions free of cost.After emergence of Covid in the first quarter of 2020 the State Bank took a number of measures to cope with the extraordinary situation and advised banks and other service providers to offer free of cost Inter Bank Fund Transfer (IBFT) services to all their customers regardless of the size of transaction.The SBP has now directed banks to provide free of cost digital fund transfer services to individual customers up to, at least, a minimum aggregate sending limit of Rs25,000 per month per account or wallet.Read More...