The Benchmark KSE100 index had continued its pull back during last trading session and completed 61% correction of its last bearish rally on hourly chart. As of now it's being capped by a strong horizontal resistant region along with resistant trend line of its descending price channel on hourly chart inside its daily bearish price channel, therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. A daily bullish engulfing pattern have taken place on daily chart but it needs confirmation by closing above 47,500pts to show its impact. Meanwhile hourly momentum indicators are ready for bearish crossovers therefore it's expected that index may face some serious pressure on intraday basis, initially index would face resistance between 47,350pts-47,500pts but breakout above this region would call for 47,730pts. While on flip side index would try to establish ground above 47,065pts-46,900pts region initially and breakout below this region would push index towards 46,660pts.
Regional Markets
Jackson Hole, eurozone PMIs, Korean rates decision
The U.S. Federal Reserve's Jackson Hole symposium, a chance of a South Korean rate hike and a series of business surveys out of Europe top the main economic events to be covered by Reuters bureaus next week.Next week features the end-of-summer event that every economist has been waiting for: the Fed's annual get together in Jackson Hole, Wyoming.Returning as an in-person gala held against the backdrop of the towering Grand Teton Mountains after last year's pandemic-induced online affair, the event features a keynote speech from the head of the Fed.
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Business News
SBP approach to curb inflation through high markup not effective: PIAF
The Pakistan Industrial & Traders Association Front Chairman Mian Nauman Kabir has condemned the SBP approach for curbing inflation through high markup, as major borrower of the banks was the government and not the private sector. The government was borrowing heavily at the cost of the growth of private sector, which was losing viability fast due to high financial cost.In a joint statement with vice chairman Javed Siddiqi, Mian Nauman Kabir asked the SBP governor to fulfill his commitment of maintaining accommodative monetary stance in the near and long-term to support the rare recovery amid uncertain Covid-19 challenges.
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Majority of FTAs, PTAs not in favour of Pakistan: FPCCI chief
Pakistan’s most of free trade agreements (FTAs) and preferential trade agreements (PTAs) signed with various countries, with exception of few, are not in favor of local industry, as they are inked without taking the real stakeholders of trade and industry onboard.These views were expressed by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) president Nasir Hayat Magoo and Businessmen Panel Chairman Mian Anjum Nisar during a dinner reception hosted in honor of FPCCI and BMP leadership. The reception was also attended by the business community’s representatives from across the country.
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Microfinance borrowers cross 8m mark
With the number of active borrowers crossing the eight-million mark for the first time, microcredit outreach in the country grew 5.8 per cent on a quarterly basis in April-June.According to the latest data released by the Pakistan Microfinance Network — the national association for retail players in the microfinance industry — the gross loan portfolio of the entire sector amounted to Rs355.7 billion at the end of the quarter, up 4.5pc from the preceding three-month period.
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Trade with Afghanistan picks up after fall of Kabul
Pakistan’s bilateral trade with Afghanistan saw a sudden rise since the Taliban took control of Kabul on Sunday.A significant increase was noted in the number of cargo vehicles and pedestrian traffic across the western border.The volume of bilateral trade had fallen to a very low level in the second week of July when the Taliban captured the Afghan district of Spin Boldak near the Chaman border in Balochistan.Data compiled by Pakistan’s customs, which administers and governs border customs stations.
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