Morning Market Brief 23rd Aug . 2021

Technical Overview

The Benchmark KSE100 index have given bullish breakout of its descending price channel on hourly chart during last trading session meanwhile confirmation of a bullish engulfing pattern have take place on daily chart therefore it's expected that index may try to continue its bullish sentiment during current trading session but it needs to stay cautious because index have three major resistant regions ahead in next 500 points on bullish side. Initially it's expected that index may try to open with a positive gap above its initial resistant region of a descending trend line but it would face secondary resistance at 47,730pts where its being capped by a strong horizontal resistant region, while breakout above this region would call for 47,860pts and 48,065pts where another descending trend line or resistant trend line of its bearish price channel would try to cap current bullish sentiment along with a strong horizontal resistant region. Meanwhile daily momentum indicators have change their direction towards bullish side which indicates that if index would succeed in penetration above its bearish price channel on daily chart then short term trend would convert into bullish side. While hourly momentum indicators are showing some bearish signs and if index would not succeed in maintaining above 47,730pts till day end today then it may face some pressure. On flip side index would try to establish ground above 47,380pts which would be followed by 47,200pts and 47,000pts in case of bearish pressure. Overall a volatile session could be witnessed but it's recommended to stay on long side with strict stop loss.

Regional Markets

Japan's private-sector activity hit by COVID-19 surge - PMI

Japan's factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year, highlighting the increasingly heavy toll a recent wave of COVID-19 infections is taking on the economy.Manufacturers mostly withstood the impact of the coronavirus resurgence, due largely to the highly contagious Delta variant that is forcing governments in Japan and elsewhere in Asia to put in place lockdowns or other curbs.Read More...

Business News

Youth bearing fruits of KJP across country: Usman Dar

Special Assistant to the Prime Minister (SAPM) on Youth Affairs Muhammad Usman Dar on Sunday said that the youth was reaping benefits of Kamyab Jawan Programme (KJP) across the country on equal basis.In a news statement, he said the government had so far disbursed soft loans amounting to over Rs20 billion among 17,000 entrepreneurs under the KJP’s Youth Entrepreneurship Scheme (YES).He said the KJP’s partnered banks were asked to expedite scrutiny process for loans.Read More...

Punjab to participate actively in Dubai Expo: CM Buzdar

Punjab Chief Minister (CM) Sardar Usman Buzdar said on Sunday that the provincial government would participate actively in Dubai Expo and showcase its culture and trade.Chairing a meeting in his office, he said that southern and central Punjab and Pothohar regions would also be given due representation in the Dubai Expo. The meeting also decided in principle to give representation to the Women Chamber of Commerce and Industry and private sector at the Dubai Expo. He said that culture, trade, tourism, and salient features of Punjab’s shining traditions would be highlighted at the Expo.Read More...

3.4m added to list of Ehsaas beneficiaries

As Ehsaas — an umbrella of 20 programmes of social safety and welfare — has completed a fresh poverty survey for 2021 in the country, the number of Benazir Income Support Programme beneficiaries has increased to 8.2 million.The first BISP survey that was completed in 2011 had 23 variables to ascertain the deserving people but the fresh one under its new name Ehsaas Kafalat Programme (EKP) has 43 variables covering wider range of aspects related to the less privileged segments of society.Read More...

Oil firms urge govt to frame ‘judicious’ policy

Oil marketing companies (OMCs) have asked the government to provide a deregulated and fair environment to all arms of the petroleum sector through an all-encompassing petroleum policy 2021 to address existing challenges like repeated shortages, reduce foreign exchange loss through rationalised imports and provide investment opportunities to all instead of working on just refining policy in isolation.“It must be realised that oil marketing, storage, transportation and refining are four wheels of the same vehicle that must work.Read More...