Morning Market Brief 27th Sep . 2021

Technical Overview

The Benchmark KSE100 index had tried to establish a double bottom on daily chart during last trading session but it needs confirmation therefore it's recommended to stay cautious and post trailing stop loss on existing positions. For current trading session index may witness some serious volatility therefore swing trading could be beneficial. Initially index would try to bounce back in bullish direction and it would try to target 45,200pts where it would face resistance from a horizontal resistant region and if it would succeed in closing above this region on hourly chart then next target would be 45,460pts. While on flip side in case of rejection from its resistant regions it would start sliding downward and initially it would try to establish ground between 44,860pts-44,700pts and breakout below this region would call for 44,610pts where a descending trend line along with a horizontal supportive region would try to pump some fresh volumes. As of now index is being caged between 44,500pts-45,600pts and breakout of either side on daily chart would call for a rally of further 500-1,000 points in respective direction. But on bullish side any pull back below 46,250pts would be considered as a bearish correction or retesting of its previous supportive regions as resistant ones.

Regional Markets

Asia shares hesitant as oil hits 3-year highs

Asian shares got off to a cautious start on Monday as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks. Oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent. Brent added another 62 cents on Monday to $78.71 a barrel, while U.S. crude rose 71 cents to $74.69. "We forecast that this rally will continue, with our year-end Brent forecast of $90/bbl vs. $80/bbl previously," wrote analysts at Goldman Sachs in a client note.Read More...

Business News

Small traders call off strike after FBR assurance

Traders have postponed a countrywide strike announced for Sept 27 (today) after the Federal Board of Revenue (FBR) gave an undertaking that small traders would not be deprived of electricity and gas supply and mobile phone services on the application of new tax laws introduced through a recent presidential ordinance. The decision was announced at a news conference here on Sunday by leaders of a number of small traders’ bodies and FBR’s Member Operations Qaiser Iqbal. “All confusions and misunderstandings of small traders on the Tax Laws (Third Amendment) Ordinance were removed,” said an official announcement.Read More...

A staggering amount of trillions

Channelling financial flows toward sustainable development is crucial for Pakistan to achieve the 2030 Agenda, or what we know as Sustainable Development Goals (SDGs). However, financing gaps remain large despite a growing momentum in the public sector for sustainable development investments over the last few years as mobilisation of resources falls far short of what is actually required. “The public sector accounts for more than 90 per cent of financing for sustainable development in Pakistan,” a person, who’s associated with the federal SDGs unit, told this correspondent on the condition of anonymity as he is not authorised to speak publicly.Read More...

‘Old data distorts reality’

Social transformation is an evolutionary process that takes a painstakingly long time, says the Federal Minister for Planning, Development and Special Initiatives. Asad Umer, the Minister for Planning, Development and Special Initiatives, a self-professed fan of celebrated French economist Thomas Piketty, who is often dubbed as the modern-day Marx, defends the PTI government when it comes to the latter’s commitment to the Sustainable Development Goals (SDGs), arguing that the country has been successfully nudged towards hitting the planned targets.Read More...

PM welcomes inclusion of Karachi coastal uplift plan in CPEC

Prime Minister Imran Khan on Sunday lauded the inclusion of Karachi’s coastal development plan in the China-Pakistan Economic Corridor (CPEC) and said the move would bring the city on a par with developed port cities of the world. Calling the initiative a “game-changer”, the prime minister through his official social media account on Twitter said the coastal development project would clean up marine habitat for fishermen and develop 20,000 low-income housing units, besides presenting opportunities for investors.Read More...