Morning Market Brief 27th Jul. 2021

Technical Overview

The Benchmark KSE100 index have given bearish breakout of its triangle on hourly chart during last trading session after facing rejection from a strong horizontal resistant region. Overall a volatile session would be witness and index seems to swing between 47,300pts-48,000pts. As of now it's expected that index would take a dip initially which may prolong towards 47,500pts-47,400pts where it would try to establish ground above a horizontal supportive region, but later on a recovery phase could be witnessed on intraday basis. On flip side index would face initial resistance at 47,900pts which would be followed by resistant trend line of its triangle at 47,980pts and a strong horizontal resistant region at 48,130pts. Meanwhile hourly and daily momentum indicators have changed their direction towards bearish side but it's recommended to wait for a confirmation before initiating short positions. Last hope for bulls is standing between 47,450pts-47,350pts where an ascending trend line along with a daily double bottom would try to ignite fresh volumes from long side but breakout below this region would push index towards 47,175pts and 46,900pts. It's recommended to adopt swing trading during current trading session.

Regional Markets

Logitech sales rise 66% on higher demand amid work-from-home activity

Computer peripherals maker Logitech said on Tuesday it was seeing no let-up in demand from stay-at-home workers, after reporting higher operating income and sales at the start of its 2022 business year.Sales rose 66% to $1.31 billion during the three months to the end of June, up from $792 million a year earlier. Non GAAP operating income doubled to $235 million in the first quarter.Trends like working from home and the rise of online gaming continued to fuel Logitech's performance as it lapped tough comparisons with last year's pandemic-boosted sales.Read More...

Business News

Byco wins 7th Int’l Awards on Environment, Health & Safety 2021

Byco Petroleum Pakistan Limited, Pakistan’s largest oil refining company, has won two awards in the categories of ‘The Foundations of Process Safety’ and ‘Oil Spill Management’ at the prestigious 7th International Awards on Environment, Health & Safety 2021.The awards were received by Mushtaq Ahmad Khokhar, General Manager- Production, Byco Petroleum, and Kaleem Ishaque, Senior Manager- SPM Operations, Byco Petroleum, at a ceremony held at a local hotel in Karachi.Azfar Saeed Baig, Vice President - Information, Byco Petroleum, commented on the occasion and said that, “Byco being bestowed with these awards is a true testament to the commitment.Read More...

Karachi Freight Corridor feasibility study completed

The Feasibility study of the Karachi Freight Corridor is completed while the feasibility study of Karachi Circular Railway (KCR) will be completed by mid of August 2021.Federal Minister for Planning, Development, and Special Initiatives Asad Umar chaired a meeting to review the present status of preparation and processing of Karachi Circular Railway (KCR) and Railways Freight Corridor projects here on Monday. Federal Minister for Railways Azam Khan Swati, Secretary Planning, Secretary Railways, CEO PPP Authority, and senior officials of both Ministries participated in the meeting. In the meeting, important issues related to the freight corridor were discussed and review. The meeting was informed that the feasibility study of the Freight Corridor has been completed.Read More...

‘PayPro, 1LINK sign agreement to join 1LINK Affiliate Programme

PayPro, Pakistan’s fastest growing fintech company, has joined 1LINK as an affiliate member. 1LINK, Pakistan’s first PSO/PSP and largest payment system offers a unique affiliate programme that allows non-banking entities to offer their services through 1LINK’s platform.An agreement to this effect was signed at the 1LINK head office in Karachi by Ali Janjua, CEO, PayPro and Najeeb Agrawalla, CEO, 1LINK. As part of the program, PayPro will be able to benefit from 1LINK’s extensive payments infrastructure, including 1IBFT and Bill Payment System (BPS), while extending these advantages to PayPro customers in a seamless and effective manner. Through the support of 1IBFT, transaction costs and time constraints associated with funds transfers will be eliminated.Read More...

IT exports cross record $2bn mark

Pakistan’s exports of information technology grew by 47.4 per cent to cross the $2 billion mark for the first time in the country’s history in the outgoing fiscal year.In absolute terms, the IT exports reached $2.12bn in 2020-21 as against $1.44bn in the preceding year, according to data released by Commerce Ministry on Monday.“I want to congratulate our IT exporters for crossing the $2bn export mark for the first time in our history,” Commerce Adviser Razak Dawood said in a statement on Monday.Mr Dawood said he always believed in the abilities of IT professionals and entrepreneurs. “You have done a remarkable job and I encourage you to market your exports even further to achieve more”, the adviser further said.Read More...