Morning Market Brief 26th May 2021

The Benchmark KSE100 index had continued its bullish journey during last trading session and succeeded in closing above its initial resistant region of 46,200pts. As of now it's expected that index would try to target 46,500pts-46,675pts region where it would face resistance from a strong horizontal resistant region along with resistant trend line of its bullish price channel therefore its recommended to stay cautious and post trailing stop loss on existing long positions because if index would not succeed in closing above 46,675pts then a corrective rally could be witnessed on intraday basis. On flip side index would try to establish ground initially above 46,000pts but breakout below this region would push index further downward till 45,760pts and 45,500pts. Daily and hourly momentum indicators are in bullish mode but index needs to take an intraday dip to continue its bullish rally smoothly therefore buying on dip could be beneficial for day trading. Overall sentiment would remain bullish as index have given bullish breakout of its weekly triangle and any dip would be considered a retesting of resistant trend line of that triangle.

 

Govt imposed no new tax since Covid-19 hit country: Minister

Punjab Minister for Excise, Taxation and Narcotics Control Hafiz Mumtaz Ahmad has said that no new tax has been imposed since the Covid-19 hit the country. He was speaking at the Lahore Chamber of Commerce & Industry (LCCI) on Tuesday. LCCI President Mian Tariq Misbah presented the address of welcome while Senior Vice President Muhammad Nasir Hameed Khan also spoke on the occasion. The minister said that the facility of 5 per cent relaxation on online payments, that was introduced last year, would be continued. He said that all relief packages would be continued in the larger interest of trade and industry. He said that automation is good according to the vision of Prime Minister Imran Khan.Read More...

China-Pakistan Economic Corridor Authority Chairman Lt Gen Asim Saleem Bajwa said on Tuesday that $13 billion had been invested in Pakistan under CPEC while another $12 billion investment was in the pipeline, which would revolutionise the country. He was talking to media persons on the occasion of a visit to Challenge Textile Factory on Lahore-Multan Road with Chinese investment of $150 million. Asim Saleem Bajwa said that more economic zones were being established under the CPEC which would bring more Chinese investment in Pakistan and provide all possible facilities to foreign investors. He said that Challenge Group of China had set up an international standard industrial unit which he was happy to see and Challenge Group would also be setting up Challenge Fashion Export Park in Pakistan in future which would provide employment to thousands of people in Pakistan.Read More...

Pakistan’s export of Information Communication Technology grew by 46 per cent during the first 10 months of 2020-21.An official announcement said the value of ICT reached $1.70 billion as compared to $1.17bn in 10MFY20.In April, the exports of ICT grew by 66pc to $196m as compared to $118m in April 2020.ICT exports now look set to breach the $2bn mark for the first time.Commerce Adviser Abdul Razak Dawood said an increase in ICT exports is due to exporters’ efforts. “I assure exporters that the MOC is at their service for any facilitation they need,” the adviser further said.National Bank of Pakistan (NBP) and Pakistan Stock Exchange (PSX) on Tuesday signed an agreement to taken on board NBP as a market maker for government securities listed on the bourse.Read More...

The World Bank on Tuesday assured continuous support to the government of Pakistan in achieving the priority development objectives, a press release issued by Ministry of Economic Affairs said.Minister for Economic Affairs Omar Ayub Khan held a consultative meeting with World Bank Country Director Najy Benhassine. Ongoing projects and development priorities of government of Pakistan for the next years, the press release said.The two sides emphasised the need of improved rural infrastructure including farm to market roads.In order to improve the rural economy, it was discussed to improve agriculture productivity through provision of improved seeds and efficient water management system.Read More...