Morning Market Brief 25th May 2021

The Benchmark KSE100 index had faced rejection from resistant trend line of its bullish price channel on hourly chart during last trading session and it slide downward to fill its opening gap. As of now it's expected that index would try to establish ground initially above 46,000pts-45,930pts region and a pullback could be witnessed towards 46,350pts during current trading session. While on flip side in case of bearish breakout below 45,930pts would call for 45,760pts and 45,500pts. Hourly momentum indicators are in mixed mode therefore a volatile session could be witnessed during the day. On daily chart there is still roam available on bullish side as index is moving in a bullish price channel and index may target 46,500pts initially and breakout above this region would call for 47,000pts to complete expansion of its weekly triangle.

 

Promotion of livestock sector imperative to ensure food security: President

President Dr Arif Alvi on Monday called for development of the livestock sector in the country, saying that it could contribute to economic development, food security and poverty alleviation.Chairing a follow-up meeting on meat exports and processing here, the President said livestock sector had great potential to earn foreign exchange and called for increasing the export value by meeting international requirements and ensuring quality control of products. The meeting reviewed the progress on the decisions taken during the last meeting. The Punjab Livestock secretary gave a presentation about the Foot and Mouth Disease in animals and informed the meeting about the efforts, made by provincial government to control the disease. The meeting proposed various solutions and strategies for controlling FMD in the country.Read More...

Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin on Monday said that the government will come up with innovative out-of-the-box alternatives to achieve the revenue targets, by providing incentives and facilities, besides broadening the tax base rather than new taxes in the upcoming budget.He made these remarks while chairing a consultative meeting with senior representatives of Pakistan Business Council, Pak-US Business Council and Overseas Investment Chamber of Commerce and Industry (OICCI) held at the Finance Division.Read More...

The State Bank of Pakistan on Monday expressed complete satisfaction over the new estimate of 3.94 per cent GDP growth for FY21, noting that the rebound was fuelled by a well-calibrated policy response.In a Twitter thread, the SBP said, “FY21 growth is expected to rise to 3.94pc, as post-Covid recovery underway since last summer has strengthened. The 9-mth current account is also in surplus for the 1st time in 17 yrs and FX reserves at a 4 yr high. This rebound was fueled by a well-calibrated policy res­ponse. Given high public debt, fiscal support was targeted to the most vulnerable, notably through the globally-acclaimed Ehsaas program. At the same time public debt and deficit were kept under check which has supported market sentiment, investment outlook, and economic recovery.Read More...

The federal government will allocate funds in the upcoming budget 2021-22 to develop high-yielding crops to meet growing domestic demand and reduce dependence on import of basic food items.Ahead of the budget, the National Price Monitoring Committee (NPMC) has constituted a two-member sub-committee comprising Minister for National Food Security Fakhar Imam and Industries Minister Khusro Bakhtyar to work out a lasting arrangement by exploring alternative options to reduce dependence on import of edible oil and other basic food items.Read More...