Morning Market Brief 26th May 2022

Technical Overview

The Benchmark KSE100 index had witnessed a volatile session yesterday and a hammer have been created on daily chart after an intraday dip, but index is still trading inside its descending wedge and bears have not succeeded in giving a breakout of this wedge therefore hopes for recovery are still intact and index would try to take a spike during current trading session therefore buying on dip is recommended with strict stop loss of 41,570pts-41,250pts region. For current trading session index seems to target 42,230pts initially and if it would succeed in penetration above this region then next targets would be 42,400pts and 42,700pts. While on flip side in case of bearish pressure index would try to establish ground above a descending trend line which falls at 41,800pts but breakout below this region would open doors for 41,570pts and 41,250pts. Overall index would remain range bound as long as its trading above 40,500pts but weekly closing below this region would push index towards 39,600pts and 37,500pts.

Asian shares stumble on growth worries as central banks tighten

Asian share markets slipped on Thursday after minutes from the Federal Reserve's early May meeting showed a majority backing half-percentage-point rate hikes in June and July, and as persistent concerns over global growth sapped confidence.While the minutes also highlighted policymakers' faith in the strength of the U.S. economy, helping lift the mood on Wall Street overnight, sentiment in equity markets remains fragile after weeks of volatile trade as more global central banks continue on the path of tightening.I don't think the global economy is at the risk of a slowdown, I think we are slowing down. And for that reason, the potential for good investments right now is predominately on the short side," Barbara Ann Bernard, CIO of Wincrest Capital, a global long/short equity strategy hedge fund, told the Reuters Global Markets Forum.South Korea's central bank on Thursday raised interest rates for a second consecutive meeting as it grapples with consumer inflation at 13-year highs.Read More...

Business News

IHC Adjourns Sheikh Rashid’s Plea

The Islamabad High Court (IHC) on Wednesday asked former interior minister Sheikh Rashid Ahmed to appear in person before the court on Thursday (Today) if he wants to seek protective bail. Chief Justice Athar Minallah heard the case filed by Awami Muslim League (AML)’s leader. The petitioner’s lawyer said that there was exemption of biometric for citizens of more than 70 year old. He said that his client couldn’t reach the court as he was above 70. The chief justice remarked that the petitioner had been giving statements for a ‘blood shedding revolution’ but he didn’t appear before court. The court said that the petitioner had to appear before court if he wanted to continue his case. The hearing of the case then adjourned till tomorrow.Read More...

Sindh Has Vast Potential For Investors, Says CM Murad Shah

Sindh Chief Minister Syed Murad Ali Shah has said that the potential projects for investment in the province included a wide variety of sectors such as water and environment, education and technology, industrial zones, eco-tourism, urban ecosystem and food security, with an estimated cost of $6 billion.The investment in the multitude of opportunities being offered in Sindh through an enabling environment rooted in comprehensive legal and institutional mechanisms ensure fair practices, transparency, and attractive economic returns.his he said while speaking as a chief guest at Sindh Investment Conference organised on the occasion of World Economic Forum by Path Finder and Martin Dow Group in Davos Switzerland, said a statement issued by a spokesperson of the Sindh CM here on Wednesday. CM’s Special Assistant on Investment Syed Qasim Naveed and Director General Public Private Partnership Unit Assad Zamin also attended the conference.Read More...

Hot, Dry Weather Prevails In Balochistan

The Met Office has forecast hot and dry weather in most parts of Balochistan during the next 24 hours. According to the Met Office, the minimum temperature in Quetta was recorded at 14.5 degrees centigrade and 5.0 degrees centigrade in Ziarat on Wednesday. While, gusty, dust rising winds is also expected in southern areas of the province during afternoon for next 24 hours.Read More...

Rs252m Recovered From Tax Defaulting Vehicles

Sindh Excise and Taxation Department during its ongoing road checking campaign claimed on Wednesday to have recovered over Rs252 million taxes from defaulting vehicles in nine days. According to the department information on Wednesday, during ninth day of the drive to collect tax from tax defaulting vehicle owners across the Sindh province, a total of 2,4874 vehicles were checked out of which 1,572 vehicles have been seized while papers of 2,285 were confiscated.According to details, 7,354 vehicles were checked in Karachi, 6,988 in Hyderabad and 2,575 in Sukkur, 3,602 in Larkana, 2884 in Mirpurkhas and 1471 in Shaheed Benazirabad.Provincial Minister for Excise, Taxation and Narcotics Control Department Mukesh Kumar Chawla has said in a statement that the campaign to collect tax from tax defaulting vehicle owners would continue till June 3. He requested the owners of tax defaulting vehicles to deposit their taxes as soon as possible.Read More...