Morning Market Brief 19th Nov . 2021

The Benchmark KSE100 index had tried to establish ground above a horizontal supportive region and a daily double bottom during last trading session and index recovered after a dip on intraday basis but it still could not succeed in recovering above its initial resistant region of 46,200pts. As of now it's expected that index would initially try to continue its pull back and it may try to recover towards 46,200pts initially and hourly closing above this region would call for 46,350pts but it would face strong resistances between 46,200pts to 46,500pts and it would considered under pressure until it would not succeed in closing above 46,900pts on daily chart. On flip side in case of facing rejection from its resistant regions index would start sliding towards 45,900pts which would turn current pull back into a correction of its last bearish rally which may change investor sentiment and daily closing below 45,900pts would push index further downward. It's recommended to adopt selling on strength with strict stop loss of 46,500pts for day trading and for short term trading it's recommended to swing between 46,900pts to 45,500pts with strict stop loss on both sides.

China is likely to introduce more tax and fee reductions, a state-backed newspaper reported on Friday citing experts, with one predicting they could amount to more than 500 billion yuan.The Securities Daily said experts believed the next stage of tax reductions and exemptions will target small, medium and micro enterprises, especially manufacturing firms, and could involve increasing the deductions on their research expenses.Zhang Yiqun, a committee deputy chairman at the Society of Public Finance of China, was quoted by the newspaper as saying that he believed the total scale of these reductions could exceed 500 billion yuan.Read More...

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin held a meeting with renowned international economist Dr. Arthur B. Laffer at Finance Division on Thursday. Members of American Business Council, Secretary Finance and senior officers participated in the meeting. Welcoming Dr. Arthur B. Laffer, the adviser highlighted the current economic situation of Pakistan and briefed on the steps taken by the present government to address the challenges faced by the economy of Pakistan and put it on the path of progress and growth. The adviser stressed that priority sectors such as modernization of agriculture, IT and industry as vital for increase in exports and economic growth.Read More...