Morning Market Brief 21st jun. 2021

Technical Overview

The Benchmark KSE100 had continued its bearish journey after facing rejection from supportive trend line of its previous bullish price channel on hourly chart during last trading session and closed below its critical level of 48,450pts on daily chart which would now try to add pressure on index during current week. Meanwhile a bearish hammer have been formatted on weekly chart which is also a negative sentiment therefore it's recommended to stay cautious and start selling on strength. As of now it's expected that index would initially try to target 48,000pts during current trading session while breakout below this region would push index towards 47,900pts and 47,730pts where its being supported by strong horizontal supportive regions. While on flip side in case of bullish pull back index would face initial resistance at 48,450pts-48,530pts region which would be followed by 48,660pts. Momentum indicators are in bearish mode on hourly and daily charts therefore it's expected that index would face some serious selling pressure during current trading session. While on short term basis daily closing below 47,730pts would push index towards 47,200pts.

Regional Markets

Asian stocks drop as Fed shift reverberates; Treasury yields slide

Asian stocks dropped on Monday as investors mulled the implications of a surprise hawkish shift last week by the U.S. Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below 2%.Japan's Nikkei led declines with a 3.3% drop and dipped below 28,000 for the first time in a month, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 1% in early trading.Chinese blue chips opened 0.4% lower, and Australia's benchmark slid 1.8%.Benchmark 10-year U.S. Treasury yields fell to the lowest since early March at 1.4110%, while those on 30-year bonds slid as low as 1.9990% for the first time in more than four months.The yield curve - measured by the spread between two- and 30-year yields - was the flattest since early February.Read More...

Business News

Ministry seeks action over violation of terms for LNG supply

style="text-align: justify;">As background engagements continue to call another special meeting of the Cabinet Committee on Energy (CCoE) to allow replacement of Engro’s LNG terminal for maintenance and statutory inspections, the Ministry of Maritime Affairs has demanded imposition of penalties on Engro for “violating the terms and conditions and jeopardising the energy security of Pakistan”.Informed sources said the second special meeting of the CCoE for allowing dry docking of Engro’s Exquisite vessel and resultant gas load management plan would be held in a day or two following a meeting of stakeholders — Sui Southern Gas Company, Pakistan State Oil and Engro LNG — at the Ministry of Law.Meanwhile, an Engro official said the company’s replacement vessel Sequoia had already moved from Singapore and would be taking LNG on its way and was expected to arrive at Port Qasim on June 26.Read More...

Pilot project of chilli farming completes under CPEC: Asim

Chairman China Pakistan Economic Corridor (CPEC) Authority, Lt Gen (retd) Asim Saleem Bajwa on Sunday said the pilot project of Chilli farms in the country had been completed with cooperation of the Chinese agricultural experts. “Pilot project of Chilli Farm with100 acres is completed,” he said in his tweet, adding that in the next phase, as many as 3000 acres of land would be brought under chili cultivation.He said the Pak-China condiment alliance had been formed with the Chinese partners CMEC and Sichuan Litong Food Group.Asim said this project would also help boosting exports of spices from the country.He said this project would enhance yield, improve seed quality, skill development, farm labour, and processing.According to official sources the project chili farming is expected to produce more than 8,000 tonnes of dried chilies with a net income of more than Rs 100,000 per acre for local farmers.Read More...

Export cargo train will greatly facilitate businessmen, exporters

A delegation of businessmen from Khyber Pakhtunkhwa called on Federal Minister for Railways, Muhammad Azam Khan Swati and apprised him about the problems being faced by them due to lack of facilities at Azhakhel Dry Port in Nowshera district.The delegation was led by prominent businessman and Convener of FPCCI’s Standing Committee on Railways, Zia-ul-Haq Sarhadi, said a press release issued here on Sunday.During the meeting, the delegation members apprised Federal Minister for Railways that after passage of one year, the Azakhel Dry Port has not becoame functional.The dry port was inaugurated on Jan 10, 2020, but after passage of one and a half year it lacks basic facilities due to which businessmen were facing a lot of problems, they added.Zia Sarhadi recalled that at time of inauguration some announcements also was made that the new dry port will provide one window operation facility while an export cargo train will be started to ply between Karachi and Peshawar.Read More...

Dubai Expo an opportunity to unveil Pakistan’s hidden treasures: Fawad

Federal Minister for Information and Broadcasting, Chaudhry Fawad Hussain has termed Expo 2020 Dubai as an auspicious opportunity to unveil the hidden treasures of Pakistan before the world.Speaking as a chief guest at media unveiling of Pakistan Pavilion at Expo 2020 Dubai here Sunday, the federal minister said that Pakistan is a land of immense opportunities with vast potential of promoting tourism, investment, agriculture, trade and industry.The Expo 2020 will be held in Dubai from October 1, 2021 to March 31, 2022 under the theme of “Connecting minds, creating the future” and around 190 countries will participate in the Expo to showcase their strongest potential to the world.PM Imran Khan led PTI government considers Pakistan as an emerging brand and taking concerted measures to highlight Pakistan’s soft and positive image across the world, he said adding that the Expo Dubai 2020 would provide the country an opportunity to brand the positive sides of the motherland.Read More...