Morning Market Brief 29th Mar. 2021

Technical Overview

The Benchmark KSE100 index have faced rejection from its major resistant region during last trading session and again slide below 45,700pts before day end therefore it's recommended to stay cautious because daily momentum indicators have started losing strength and if index would slide below 45,500pts then selling pressure would start piling up. For current trading session it's expected that index would try to target 45,200pts initially but breakout below this region would call for 44,900pts in coming days. Daily stochastic and MAORSI are ready for a bearish crossover and if index would not succeed in maintaining above 45,500pts during current trading session then a sharp dip could be witnessed. While on flip side in case of bullish pull back index would face initial resistance a 45,780pts where its being capped by a strong horizontal resistant region and breakout above this region would call for 46,000pts and 46,200pts. For day trading it's recommended to stay on selling side with strict stop loss.

Regional Markets

Asia shares, dollar look to U.S. infrastructure spree

Asian shares inched higher and the U.S. held near multi-month peaks on Monday as the chance of yet more trillions in U.S. fiscal spending underpinned the outlook for global growth.“Rising inflation over the coming months should be transitory, and core central banks seem committed to looking through it.” MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.1%, with activity restrained by the approach of quarter end. Japan’s Nikkei added 1%, though there was some nervousness when Nomura reported it had discovered a loss at its U.S. unit that could amount to $2 billion.Read More...

Business News

PCGA for soft loans to cotton growers

Chairman Pakistan Cotton Ginners Association (PCGA), Dr Jassu Mal has constituted a task force committee to ensure provision of loans on easy conditions to growers. The committee was constituted with the approval of Pakistan Cotton Ginners Association (PCGA) executive committee, which would help to ensure provision of soft loans to growers for fertilizer, seeds, and pesticides along with Zarai Taraqiati Bank Limited (ZTBL) representatives. The committee will also meet the heads of Central Cotton Research Institute (CCRI) and other cotton research centres for improvement of cottonseed varieties. The help desk was also established at Pakistan Cotton Ginners Association (PCGA) office under supervision of the committee, which would provide guidance to growers for betterment of cotton crop.Read More...

SNGPL, SSGC told to address LNG operators’ concerns

The Prime Minister Office has directed the two gas utilities to immediately engage with two new liquefied natural gas (LNG) operators who have complained about roadblocks and apathetic responses to setting up of their terminals. Informed sources said the sponsors of two coming LNG Terminals — Tabeer Energy and Energas — had in recent weeks reached out to all key stakeholders, including the prime minister, to report difficulties they were facing in bringing their investments to fruition. In these engagements, the sponsors appreciated maximum support extended by the relevant government forums, like the Cabinet Committee on Energy (CCoE) and the Economic Coordination Committee (ECC) of the cabinet in taking policy decisions.Read More...

Rs40b applications received for low cost housing loan

Governor State Bank of Pakistan (SBP), Reza Baqir on Sunday said that under the Naya Pakistan Housing Programme, the banks have so far received applications worth of over Rs40 billion for construction of low cost housing. Speaking at National Bank of Pakistan’s telethon on low cost housing loan, the governor said since the start of this process, the banks had increased their loans for construction and housing sector by over Rs42 billion. Reza Baqir said that it was vision of the Prime Minster to take Pakistan forward in housing and construction sectors, particularly for the objective to facilitate common man by provision of easy loans through banks so that the dream of building one’s own house may be materialized. He said that many institutions had to work and play their role to take forward the construction and housing sector. However, as far as banks are concerned, they would facilitate developers, builders, and even common people with soft loans in building their houses.Read More...

Rice exporters vow to boost rice farmers’ health standards

Rice exporters have vowed to boost the health standards and high quality of life of rice farmers for maintaining efficiency and productivity in the agriculture sector. Rice farmers play a leading role in the country’s agricultural production and earning foreign exchange, Chief Operating Officer, RPL, Muhammad Ali Tariq said while talking to APP here on Sunday. “We organized a preventive vaccination campaign for the agricultural families including rice transplanters for the different regions of Central Punjab to protect them from epidemics.” he asserted. In collaboration with Helvetas Pakistan organized a preventive vaccination campaign for rice transplanters’ families in three villages namely Kot Hanif, Khatyala Virkan, and Saikham of different district of Punjab including Sheikhupura. He said that said that the RPL was working for betterment of farmers and farm labourers from past many years through provision of laser land leveling, trainings on water saving techniques, and ensuring decent working conditions for rice transplanters. Read More...