Morning Market Brief 26th Mar. 2021

The Benchmark KSE100 index had faced rejection from 46,000pts during last trading session and an evening shooting star was witnessed on hourly chart but index still succeeded in maintaining above its major supportive region. As of now it's expected that index would try to fill its gap which occurred at opening of last trading session because currently hourly momentum is losing strength which would try to push index further downward. It's recommended to stay cautious and adopt swing trading until index succeeds in sliding below 45,500pts. It's expected that index would try to start a correction of its recent bullish pull back therefore its recommended to post trailing stop loss on existing long positions. For current trading session index would face initial resistance between 46,000pts-46,120pts while breakout above this region would push index towards 46,250pts. While on flip side in case of rejection from its resistant regions index would start sliding towards 45,500pts and breakout below this region would call for 45,055pts. Weekly indicators are trying to change their direction towards bullish side but today's closing below 45,500pts would add pressure on them once again. Overall sentiment would uncertain until index would not succeed in closing above 46,200pts because in this region index is creating a hammer on monthly chart which may lead towards uncertain region for mid-term time frame.

Pakistan, Hungary inaugurate Trade & Economic Window, Business Forum

Foreign Minister Shah Mehmood Qureshi and Foreign Minister of Hungary Peter Szijjarto yesterday jointly inaugurated the Hungary-Pakistan Trade and Economic Window and the first Hungary-Pakistan Business Forum. The event was held online. Foreign Minister Qureshi, in his welcome remarks, underlined the importance Pakistan attached to Hungary, both bilaterally, and within the EU. Focusing specifically on enhancing bilateral trade and economic ties, the foreign minister invited Hungarian companies to take advantage of the investor-friendly climate in Pakistan to enter into joint ventures with Pakistani companies, especially in the Special Economic Zones under the China-Pakistan Economic Corridor. He welcomed Hungarian expertise in the fields of agriculture and food, environment, water resource management, engineering, vocational training and urban planning. Read More...

The Overseas Investors Chamber of Commerce and Industry (OICCI) have noted with concern the contents of the media reported draft Income Tax (Second Amendment) Act 2021. Secretary General of OICCI, M. Abdul Aleem, in a letter to Federal Minister for Finance and Revenue has expressed concerns over the government’s decision of bringing amendments in Income Tax act. The OICCI, representing the collective view of top 200 foreign investors has always urged the concerned authorities on the need for Predictability, Consistency, and transparency in policies. Abrupt and frequent changes in law damages the confidence of all investors, more so of foreign investors, and changes without proactively engaging with the key stakeholders, like OICCI, should be avoided, he asserted. Read More...

Economic Cooperation and Development Forum (ECDF) had identified crucial measures and interventions, required for economic growth of the Newly Merged Districts (NMDs) of erstwhile Federally Administered Tribal Area (FATA). The ECDF was formed under the FATA Economic Revitalization Programme (FERP), conceived by the United Nations Development Programme (UNDP), and funded by USAID. The project is being implemented by Small and Medium Enterprises Development Authority (SMEDA) in collaboration with UNDP, federal and provincial departments. Talking to APP here on Thursday, the Provincial Chief, SMEDA Rashid Aman said that recommendations for economic development of NMDs have been prepared after a series of marathon consultations of different thematic groups that were constituted under ECDF have identified short, medium, and long term measures and then have proposed required steps to generate economic activities in the merged districts.Read More...

The exports of pharmaceutical products from the country witnessed an increase of 23.13 per cent during the eight months of ongoing financial year (2020-21) as compared to the exports of corresponding period of last year. The country exported pharmaceuticals worth $184.135 million during July-February (2020-21) as against the export of $149.544 million during July-February (2019-20), showing growth of 23.13 per cent, according to the PBS. In terms of quantity, the exports of pharmaceutical products also increased by 20.02 per cent by going up from 10,692 metric tons to 12,833 metric tons, according to the data. Meanwhile, on year- on- year basis, the pharmaceutical goods export increased by 11.77 per cent during the month of February 2021 as compared to the same month of last year. The pharmaceutical exports in February 2021 were recorded at $22.692 million against the export of $20.303 million in February 2020, the PBS data revealed.Read More...