Morning Market Brief 24th May 2021

The Benchmark KSE100 index have created a morning shooting star on daily chart after getting support from a strong horizontal supportive region during last trading session. As of now it's expected that index would try to take a spike initially towards its previous triple top on daily and hourly charts and breakout above 46,100pts-46,200pts would call for 46,450pts where its being capped by a strong horizontal resistant region. Meanwhile index have given bullish breakout of its hourly bearish flag and a weekly triangle during last trading session therefore these both elements would pump fresh volumes and index would try to continue its bullish journey during current week. But its recommended to stay cautious until index gave a bullish breakout above its triple top and its suggested to post trailing stop losses on existing long positions. While on flip side in case of bearish pressure index would try to establish ground initially above 45,500pts where a strong horizontal supportive region would try to push index back in bullish direction but breakout below this region would call for 45,200pts. Overall index is moving in a bullish price channel which may lead it towards 46,700pts and 47,200pts if it would succeed in maintaining above 46,200pts during current week.

 

Textile exports surge 17.35pc to $12.692 billion

The exports of textile commodities witnessed an increase of 17.35 per cent during the first ten months of the current fiscal year as compared to the corresponding period of last year and surged by 213 per cent on year-on-year basis.The textile exports were recorded at $12692.840 million in July-April (2020-21) against the exports of $10816.276 million in July-April (2019-20), showing growth of 17.35 per cent, according to latest data of Pakistan Bureau of Statistics (PBS).The textile commodities that contributed in trade growth included knitwear, exports of which increased from $2392.064 million last year to $3126.095 million during the current year, showing growth of 30.69 per cent. Likewise, the exports of yarn (other than cotton yarn) increased by 22.42 per cent, from $22.051 million to $26.995 million whereas, exports of bed wear increased by 24.66 per cent from $1838.449 million to $2291.779 million.Read More...

Special Assistant to Prime Minister on Climate Change, Malik Amin Aslam on Sunday said that Pakistan would become the world’s best example in green energy revolution as government was well on track to meet the renewable energy targets by 2030 and will raise it to 60per cent through renewable resources.Pakistan was encouraging private sector investment in renewable energy projects to reach its clean energy goal by 2030 and it would produce 60 per cent of its electricity from renewable sources, he said this while talking to PTV news.The SAPM said “green Pakistan” vision of Prime Minister Imran Khan aims to transform country into lush green land with a clean environment for people and it was topmost priority of the government.Read More...

The Punjab Irrigation Department has called for independent monitoring of barrages in Punjab and Sindh for water discharge measurement and urged the Indus River System Authority (Irsa) to control losses below the Kotri Barrage.In a letter written to Irsa on Saturday, the irrigation department requested it to take immediate measures to control unprecedented losses between Taunsa and Kotri barrages leading to worsening of the water availability situation in the country.It has also demanded independent monitoring of the barrages falling in both the provinces to weed out ‘reporting lapses’ in discharge measurements in Sindh barrages.Read More...

An unexpected rate of economic growth in the current fiscal year has triggered a heated debate in the country, with several members of the federal cabinet coming up with a string of justifications to prove authenticity of the data involved and the main opposition leader expressing doubts over the calculations of government’s economic team.The National Accounts Committee , a body having representation of all the stakeholders, including provincial officials of crop reporting services, bureau of statistics and senior economists has estimated that economy will grow at 3.94 per cent in the year 2020-21.Leader of the Opposition in the National Assembly Shehbaz Sharif termed the figures released by the government “wrong”.Read More...