Morning Market Brief 2nd April. 2021

The Benchmark KSE100 had continued its bearish journey during last trading session after facing rejection from resistant trend line of its descending wedge. As of now it's being caged in a descending wedge on hourly and daily charts whom supportive trend line would try provide some support against current bearish sentiment at 44,100pts region while in case of pull back resistant trend line of this wedge would try to react as strong resistant region at 44,700pts. It's recommended to stay cautious because in case of breakout of either side of this wedge index would show an aggressive move in respective direction. Hourly momentum indicators have entered bearish zone but it's recommended to wait for closing below 43,900pts to initiate new short positions because that region fall on a strong horizontal supportive region along with 61.8% correction of last bullish pull back. It's expected that index would take a dip initially which may prolong towards 44,130pts or 43,900pts and breakout below these regions would call for a new expansion rally in bearish direction. While in case of pull back index would face initial resistance between 44,760pts-44,900pts where its being capped by a strong resistant objects while breakout above this region would call for 45,200pts. For current trading session swing trading could be beneficial with strict stop loss on both sides.

Hammad Azhar stresses need for early completion of CPEC projects

Federal Minister for Finance and Revenue Muhammad Hammad Azhar on Thursday stressed the need for the early completion of projects falling under the umbrella of China Pakistan Economic Corridor (CPEC). He said that CPEC is of utmost importance for Pakistan, adding that it will enable the country to enhance industrial production, upgrade energy and communication infrastructure and improve connectivity with the region. The CPEC would generate abundant employment and investment opportunities in Pakistan and beyond, he added. Finance minister made these remarks while chairing a meeting regarding economic and industrial cooperation under China Pakistan Economic Cooperation (CPEC) at the Finance Division. Federal Minister for Privatization Muhammad Mian Soomro, Chairman CPEC Authority Lt. Gen (R) Asim Saleem Bajwa, Ambassador of the Peoples Republic of China Nong Rong, Federal Secretary Finance Division and Federal Secretary Privatization Commission participated in the meeting. Read More...

Prime Minister Imran Khan has commended the efforts of Federal Board of Revenue for achieving the historic growth of 41 per cent in revenue collection. FBR has made record collections of 460 billion rupees in March 2021. In a tweet, he said during July 2020 to Mar 2021 collections reached 3380 billion rupees which are 10 percent higher than the same period last year. He said this reflects broad-based economic revival triggered by government’s prudent policies.Read More...

Federal Secretary Ministry of IT and Telecommunication Shoaib Ahmad Siddiqui Thursday chaired the 2nd meeting of the Departmental Development Working Party (DDWP) for FY-2020-2021. The meeting gave approval to the eight projects worth Rs 5,850.134 million. The projects which were approved in the meeting include Establishment of 25 STPs (Software Technology Parks) in Pakistan with Rental Subsidy Phase-I worth Rs. 482.433 million, ICT Internship Programme Phase-I worth Rs 507.357 million; Raising Smart Capitals through Trading Market at PSX Phase-I worth Rs 418.540 million; General Data Protection Regulation-Compliance Management System ISO 27001 & ISO 27701 worth Rs. 135.145 million; Establishment of 72 Tele-Health facilities in rural areas of KP, Punjab, Sindh, Balochistan, GB & AJK worth Rs. 979.659 million; Hybrid Power Solution (Solarization) for Remote Sites for SCO in GB worth Rs. 695 million; Hybrid Power Solution (Solarization) for Remote Sites for SCO in AJ&K worth Rs. 710 million, and Cyber Security for Digital Pakistan worth Rs 1922 million.Read More...

President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan said that the business community of the federal capital and ICCI were on the same page on all important issues. He said that the ICT administration had issued a notification in line with the guidelines of NCOC to close businesses for two days a week without taking the business community into confidence, which had created problems for all the trade bodies. However, ICCI immediately convened a meeting of all market associations of Islamabad to finalise new schedule for closure of businesses in the federal capital. He said the representatives of all market associations in the said meeting had stressed that if absolutely necessary, the businesses should be closed only for one day in a week and if it was inevitable to close them, some markets should be closed on Friday and Saturday whilst others should be closed on Saturday and Sunday and this arrangement should continue up to April 11, 2021 only. Read More...