Morning Market Brief 21st Sep . 2021
Technical Overview
The Benchmark KSE100 index had continued its bearish journey during last trading session and extended its previous low towards 46,200pts region but later on a pullback was witnessed before day end. As of now hourly momentum indicators have generated bullish crossovers which indicates that index may start an intraday spike but it needs to stay cautious because this pull back would be considered as a correction of its last bearish rally until index would not succeed in closing above 46,800pts therefore it's recommended to stay on selling side and selling on strength could be beneficial for day trading. Overall a volatile session could be witnessed and index would face initial resistance at 46,670pts which would be followed by 46,830pts and 46,900pts. While on flip side index would initially try to establish ground above 46,310pts but breakout below this region would call for 46,030pts and 45,700pts in coming days. Confirmation of daily bearish engulfing pattern have taken place therefore it's expected that index may take a serious dip during current trading session. Meanwhile daily closing below 45,980pts would push index into bearish zone for short term basis.

Regional Markets
China Evergrande fears consume investors awaiting trading
Anxiety over the prospect of China Evergrande Group defaulting on its mountain of debt gripped investors on Tuesday ahead of two repayment deadlines, with much still unknown about the potential risks to banks in China and global markets.A major test comes this week, with Evergrande due to pay $83.5 million in interest relating to its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes.
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Business News
Corporates may switch over to digital tax payments in 40 days
The Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments effective from Nov 1.An official announcement on Monday said that in the intervening period corporate taxpayers may use the traditional banking transaction methods including cross cheques, cross-bank draft, cross pay orders, or any other crossed banking instrument showing transfer of amount from the business bank account of the taxpayer in addition to digital mode of payment as long as those are compliant with the law.
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Pakistan GDP to grow at 4.2pc: Fitch
With some subdued downward risks, Fitch Ratings on Monday forecast Pakistan’s economic growth at 4.2 per cent — against the government’s target of 4.8pc — in the current fiscal year (FY22) owing to supportive monetary and fiscal conditions and improving vaccination rates.The New York-based agency — one of the three major global rating agencies — noted that net exports would contribute negatively to headline growth as imports would outpace export growth.
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FPCCI slams ‘unfair’ tax laws ordinance
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday termed ‘The Tax Laws (Third Amendment) Ordinance 2021’ unfair and called upon the government to hold it in abeyance until all stakeholders were consulted.In a statement, FPCCI president Mian Nasser Hyatt Maggo said the ordinance – which came into force on September 15 – was conflicting to Finance Minister Shaukat Tarin’s vision of due consultations with all stakeholders.
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Cotton arrivals surge 160pc
A positive trend in cotton production has been witnessed this year with over 2.69 million bales reaching ginning mills so far — representing nearly 160 per cent higher arrivals — against 1.04m bales last year, the Ministry of National Food Security and Research (MNFSR) said on Monday.Chairing a meeting to review cotton production in the country, Minister for National Food Security and Research Syed Fakhr Imam said total cotton production in the country will exceed the previous estimate of 8.46m bales.
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