The Benchmark KSE100 index had continued its bullish journey during last trading session and had retested its previous supportive regions as resistant ones. As of now it's being capped by a descending trend line on daily chart therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. For current trading session index have strong resistance at 46,065pts and 46,380pts, it's recommended to start profit taking from existing long positions because if it would not succeed in giving a bullish breakout above 46,380pts then current pull back would be considered as correction of its last bearish rally. On flip side index would try to establish ground initially above 45,700pts and breakout below this region would call for 45,500pts.
Regional Markets
Biden says United States would come to Taiwan's defense
U.S. President Joe Biden said on Thursday the United States would come to Taiwan's defense and had a commitment to defend the island China claims as its own territory."Yes, we have a commitment to do that," Biden said at a CNN town hall when asked if the United States would come to Taiwan's defense.Biden said people should not worry about Washington's military strength because "China, Russia and the rest of the world knows we're the most powerful military in the history of the world,""What you do have to worry about is whether or not they're going to engage in activities that would put them in a position where they may make a serious mistake," Biden said.
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Business News
Rupee fall benefits expats’ families: Baqir
Remarks made by Reza Baqir, the governor of the State Bank of Pakistan (SBP), about the benefits of currency devaluation for overseas Pakistanis have elicited strong criticism by citizens and economists back home.At a dinner held in honour of the SBP governor in London by businessman Anil Mussarat, Mr Baqir touched on the issue of the depreciation of rupee and attempted to present it as some sort of silver lining for those overseas Pakistanis who send remittances to family members.
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Stocks gain 322 points on IMF loan revival hopes
Encouraging news from the United States about the expected conclusion of the stalled International Monetary Fund (IMF) loan programme lifted the benchmark index on Thursday by 322 points, or 0.7 per cent, to close at 45,821 points.According to Arif Habib Ltd, a clear signal about the resumption of the IMF package by Finance Adviser Shaukat Tarin swayed the KSE-100 index to add a total of 665 points during the session. However, investors then resorted to profit-booking and trimmed the net gains.
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Industrial employment jumped 112pc to 2.34m in 10 years from 2005: survey
The number of employed persons in the country’s industrial sector posted an increase of 112.7 per cent to 2.340 million in 2015-16 compared to 1.11m in 2005-06, a survey report of the Pakistan Bureau of Statistics (PBS) said.The Census of Large-Scale Manufacturing Industries — conducted after every five years — noted a substantial increase of 205pc in fixed assets of manufacturing industries in the 10-year period (2005-06 to 2015-16).
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Tarin leaves US without concluding IMF negotiations
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin left Washington on Thursday without concluding the talks that could have led to a much-needed endorsement of the government’s economic policies by the International Monetary Fund (IMF).The minister, however, leaves behind Finance Secretary Yousaf Khan to further pursue the talks for the resumption of a $6 billion loan facility that would bring an immediate relief to the cash-starved government by delivering a suspended tranche of $1bn.
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