Morning Market Brief 2nd Aug . 2021

The Benchmark KSE100 is in expansion mode of its previous bearish correction on hourly chart and have succeeded in penetration below its previous low. As of now it's expected that index would initially try to establish ground above 46,900pts where a horizontal supportive region would try to pump some fresh volume in market but penetration below this region would call for 46,660pts and 46,500pts for completion of 100% expansion of its last bearish correction. Meanwhile it's being traded inside a bearish price channel therefore it's recommended to stay cautious with existing long positions, daily closing below 46,900pts would push index into bearish zone. While on flip side index would face initial resistance at 47,360pts where a horizontal resistant region would try to cap index in case of bullish pull back which would be followed by 47,700pts. Currently daily and hourly momentum indicators have turned their direction towards bearish side therefore it's expected that index may remain bearish during current trading session.

 

Food commodities worth $4.393b exported in FY2020-21

Food group exports of the country during last fiscal year 2020-21 crossed $4.393 billion mark and witnessed about 0.73 per cent growth as compared to exports of the corresponding period of last year. During the period from July-June, 2020-21, the exports of fruits grew by 11.16 per cent, vegetables 7.14 per cent, spices 5.34 per cent, fish and fish preparations increased by 1.85 per cents. Besides, the exports of oil seeds, nuts grew by 212.64 per cent, meat and meat products increased by 9.62 per cent respectively, according the data of Pakistan Bureau of Statistics. During the period under review, country earned $2.041 billion by exporting about 3.691 million tons of rice and $1.465 billion by exporting rice other then Basmati rice, it added.Read More...