Morning Market Brief 22nd Nov . 2021

Technical Overview

The Benchmark KSE100 index have created a morning shooting star on daily chart but it's still being capped by a daily double bottom and a strong horizontal resistant region at 46,700pts therefore there are chances of a cheat pattern which may push index downward after a spike on intraday basis. Therefore it's recommended to stay cautious and post trailing stop losses on existing long positions because if index would not succeed in confirming morning star this time then it may witness some serious selling pressure from short term traders, meanwhile daily closing below 46,200pts would push index towards 45,900pts where it would try to establish ground above major supportive region but it's recommended to adopt swing trading as long as index is trading between 45,900pts to 46,800pts as breakout of either side of these two regions would call for a sharp rally in respective direction.

Australia to further ease international border restrictions

Australia will allow foreign visa holders to enter the country from the start of December, Prime Minister Scott Morrison said on Monday, as it takes further steps to restart international travel and support the economy.Australia shut its international border in May 2020 and allowed only restricted numbers of citizens and permanent residents to enter in a bid to curtail the spread of COVID-19.The rules were relaxed in recent weeks to allow foreign family members of citizens to enter, and Morrison said this will be scaled up from Dec. 1 to allow vaccinated students, business visa holders and refugees to arrive."The return of skilled workers and students to Australia is a major milestone in our pathway back.Read More...

Business News

Pakistan, DCO agree to enhance cooperation in field of IT

The Federal Ministry of IT and Telecommunication Pakistan and Digital Cooperation Organisation (DCO) had agreed to enhance cooperation and collaboration in the field of Information Technology and Telecommunication between member countries.According to a joint statement issued here on Sunday at the end of the three-day inaugural visit to Pakistan by Secretary-General of DCO Dima AlYahya, it was also agreed to make efforts to promote public-private partnership, enhance the role of women in information technology, provide digital facilities in urban and rural areas, and to provide investment opportunities for IT professionals and start-ups to meet the challenges of the digital work.Read More...

Govt launches extraordinary matching grant scheme for SMEs

The federal government has launched extraordinary grant provision project for promotion of investment and creation of employment opportunities in small and medium enterprises (SMEs) sector in the country.The project ‘National Business Development Programme’ (NBDP) being implemented by SMEDA, Ministry of Industries and Production (MoI&P), across Pakistan including Azad Jammu & Kashmir (AJK) and Gilgit-Baltistan (GB). Talking to media, General Manager at SMEDA’s Regional Office, Peshawar Raja Hassanein Javed said that an entrepreneur could obtain a matching grant up to Rs500,000 for purchase of raw material, office equipment such as computer, printer, photocopy machine, scanner and quality testing instruments etc.Read More...

Punjab rapidly becoming investors’ destination: Mian Aslam

Punjab is rapidly becoming the destination of choice for investments with a total potential investment of Rs45 billion in the pipeline across various sectors from around the globe, said the Provincial Minister for Industries, Commerce, Investment and Skill Development Department Mian Muhammad Aslam Iqbal while witnessing signing of around 20 MoUs during the Punjab International Business Conference Organised in Dubai International Financial City.The Punjab International Business Conference was organised by the Punjab Board of Investment and Trade as part of their #PunjabEase Going Global initiative and promotion of Punjab at the Pakistan Pavilion, Expo 2020 Dubai.Read More...

IMF may unveil steps for revival of package today

With policy rate increased by 1.5 per cent, the International Monetary Fund (IMF) is set to declare a staff-level agreement with Pakistan on revival of $6 billion Extended Fund Facility (EFF) which has been ‘in recess’ since April.Highly placed sources said told Dawn on Sunday that an IMF “statement [on staff-level agreement] could be released anytime shortly, most probably on Monday”. The statement would envisage ‘prior actions’ that would have to be met before the IMF’s executive board meeting to approve completion of sixth quarterly review of the programme and disbursement of $1bn, sometimes in new calendar year.Read More...