Technical Overview
The Benchmark KSE100 index had faced rejection from 61.8% correction level of last bearish rally during last trading session along with a descending trend line on daily chart. As of now it's recommended to stay cautious because index may try retest its resistant regions once again therefore an intraday spike could be witnessed and index may try to target45,970pts initially while breakout above this region would call for 46,200pts. Meanwhile in case of rejection from its resistant regions it would try to establish ground above 45,100pts and breakout below this region would push index towards 44,500pts. Overall trend would remain uncertain as long as index is trading below 46,200pts. Currently daily momentum indicators are turning down and today's closing below 45,200pts would change market sentiment for short term basis.
Regional Markets
Asian shares steady, dollar weak as traders await earnings
Asian shares started steady on Monday ahead of a week packed with major quarterly earnings announcements, while the dollar hovered near October lows after three weeks of risk-friendly sentiment hurt safe-haven currencies.HSBC and Facebook will both publish quarterly results on Monday, in Asian trading and late U.S. hours respectively.Later in the week will be the turn of other benchmark heavyweights including tech giants Microsoft,Apple and Alphabet and European and Asian financial behemoths from Deutsche Bank and Lloyds to China Construction Bank and Nomura.Read More...
Business News
Pakistan earns $419m from IT services’ export
Pakistan earned $419.992 million by providing different information technology (IT) services in various countries during the first two months of financial year 2021-22. This shows growth of 46.32 percent when compared to US $287.030 million earned through provision of services during the corresponding period of fiscal year 2020-21, PBS reported. During the period under review, the computer services grew by 40.06 percent as it surged from $223.200 million last fiscal year to US $312.612 million during July-August (2021-22). Among the computer services, the exports of software consultancy services.Read More...
GDP to surpass 5pc growth due to higher cotton output: Aptma
The All Pakistan Textile Manufacturing Association (APTMA) has said due to higher cotton output, the country’s gross domestic product (GDP) growth rate was set to surpass the 5% mark during fiscal year 2021-22.“Cotton arrivals up by 100% to 3.8m bales,” the Association said in a statement, adding that this could not only help Pakistan achieve more than 5% GDP growth but would also increase the exports significantly.By October 01, 2021 over 3.846 million bales had arrived in local markets as compared to the arrival of 1.907 million bales of corresponding period of last year.Read More...
Pakistan’s regional exports increase 31pc in July-Sept 2021
Pakistan’s exports to the seven regional countries witnessed an increase of 31.60 percent in first three months of current financial year (2021-22) as compared to the corresponding months of last year.The country’s exports to the regional countries including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal, and the Maldives account for a small amount of $946.212 million, which is 13.64 percent of Pakistan’s overall exports of $6933.080 million during July-September (2021-22), State Bank of Pakistan (SBP) reported. China tops the list of countries in terms of Pakistan’s exports to its neighbouring countries, leaving behind other countries such Bangladesh and Afghanistan.Read More...
Congestion at ports causes headache to petrol, oil shippers
Port congestion and relating infrastructure constraints have put the shippers of strategically important supplies in a tough situation besides economic losses to the nation as the ministries of energy and maritime affairs like to run port operations to their preferences.This results in underutilisation of port infrastructure and an unnecessary wait for ships and resultant heavy demurrages that ultimately stand transferred to consumers and sometimes even threaten the supply chain with disruptions, said an official.Read More...
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