The Benchmark KSE100 index had continued its bearish journey towards 61.8% correction level of its last bearish rally during last trading session and closed below its major supportive region of 47,500pts. As of now it's expected that index may try to establish ground above 47,250pts but breakout below this region would call for 47,000pts and 46,900pts. It's recommended to stay cautious because if index would not succeed in maintaining above 46,900pts this time then a sharp bearish rally would be witnessed in coming week. For current trading session it's recommended to adopt swing trading until index succeeds either in closing below 46,900pts or above 47,750pts. Hourly momentum indicators are trying to change their direction towards bullish side which indicates that index may try to start the day with positive note but daily and weekly momentum is strongly bearish therefore it's recommended to adopt selling on strength strategy with strict stop loss.
Regional Markets
Asian shares on edge as day of Fed chair speech arrives
Asian shares were mixed on Friday morning as slight gains in China were balanced by declines elsewhere and investors globally turned cautious ahead of a long-awaited speech by Fed Chair Jerome Powell.Remarks from the Federal Reserve's more hawkish policy makers and a deadly attack in Afghanistan also subdued sentiment and helped the dollar gain against a basket of its peers.MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.1% while Japan's Nikkei shed 0.46%.Australian shares fell 0.18%, and Hong Kong and Korea were flat.
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Business News
Govt to ensure availability of certified seed of wheat crop
Minister for National Food Security and Research Syed Fakhar Imam here on Thursday reiterated government’s resolve for ensuring certified, high yielding and rust resistant seeds and fertilizers for wheat to achieve higher per-acre crop output during coming season.Chairing a meeting of Agriculture Policy Institute (API), Committee on Wheat 2021-22 Crop, Imam said that government would formulate policy to increase per-acre production of wheat, adding that minimum support price would also be announced before of the sowing season.
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530,000 tonnes of certified wheat seeds to be ensured: govt
The government is focusing on the availability of about 530,000 tonnes of certified seeds including 160,000 tonnes of rust-tolerant varieties for the 2021-22 wheat crop season, Minister for National Food Security and Research Fakhr Imam said on Thursday.Chairing a meeting of the Agriculture Policy Institute (API) Committee on 2021-22 wheat crop, Mr Imam said that minimum support price for the next wheat crop would be announced before the start of the sowing season.
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Textile exports rise 15pc in July
Pakistan’s textile and clothing exports posted double-digit growth in the first month of this fiscal year increasing by 15.61 per cent to $1.471 billion compared to $1.272bn in July 2020, data released by the Pakistan Bureau of Statistics showed on Thursday.The easing of lockdown in North American and European countries — top markets for Pakistani textile goods — will help boost the exports.The demand for textiles collapsed during the first wave of Covid-19, but it recovered in the outgoing fiscal year.
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Food import bill up 22pc in fiscal year’s first month
Pakistan’s food import bill grew by 22.24 per cent to $647.036 million in July compared to $529.311m of the first month of last financial year, according to the data released by the Pakistan Bureau of Statistics (PBS) on Thursday.The continuing food import bill is triggering trade deficit that may cause uneasiness on the external side for the government.Pakistan spent over $8 billion on import of edible items in the last financial year.
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