Morning Market Brief 23rd jul. 2021

The Benchmark KSE100 index is moving inside a bullish price channel on hourly chart but currently it's being capped by a resistant trend line inside that channel therefore it's expected that index may try to open with a positive gap above 47,930pts and later on it would try to target 48,160pts and 48,450pts. Meanwhile a bullish breakout of a triangle on daily chart have taken place which would try to instigate bullish sentiment during current trading session. It's recommended to stay on long side with strict stop loss. While on flip side in case of bearish pressure index would try to establish ground above 47,700pts initially which would be followed by 47,500pts and 47,350pts. Currently hourly and daily momentum indicators have changed their direction towards bullish side therefore it's expected that index would try to take an intraday spike. On longer run it would be considered as range bound until it would not succeed in closing above 48,300pts.

 

Furniture industry needs incentives to boost exports

Pakistan’s furniture industry has huge potential to dominate global markets with innovative designs and can significantly contribute to exports, however, it direly needs a package of incentives and facilitation for boosting exports.Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq expressed these views while talking to a delegation of furniture manufacturers here on Tuesday.He said that unfortunately, the furniture sector had since long been neglected by the authorities concerned, adding that this industry needed special attention of the federal and provincial governments for the training of woodworkers on modern line.Read More...