Morning Market Brief 2nd Nov. 2021

Technical Overview

The Benchmark KSE100 index had continued its bullish journey during last trading session but faced rejection from a descending trend line along with a strong horizontal resistant region before day end. As of now hourly momentum indicators have changed their direction towards bearish side therefore it's recommended to stay cautious and post trailing stop loss on existing long positions because index would face strong resistance between 47,220pts-47,320pts region again today and if it would not succeed in closing above this region then an intraday dip would be witnessed. Overall sentiment would remain bullish as long as index is trading above 46,200pts and it can be said that it would remain range bound between 46,200pts-47,500pts. Meanwhile breakout of either side would call for a rally of 500-1,000 points in respective direction. Currently daily stochastic is ready for a bearish crossover and if index would succeed in sliding below 46,600pts before day end today then it may face some serious pressure in coming days.

Regional Markets

Stellantis offers early retirement program to eligible U.S. employees

Stellantis NV the world's fourth-largest automaker, is offering voluntary retirement program to pension-eligible employees in the United States, the company said late Monday.The Netherlands-based firm said the early retirement is available to workers who are at least 55 years old and have been with the company for 30 years or who are at least 58 years old with 10 years of employment.The employees being offered the buyouts are already eligible to retire."To assist in our transition, and to align our business priorities to a new set of critical skills and investment opportunities, Stellantis North America is offering a voluntary retirement program to eligible members of our team," the company said in an emailed statement.Read More...

Business News

National Incubation Centre applications open for Startup Incubation Programme

The National Incubation Centre, Pakistan’s largest innovation center for startups, managed by Teamup and Jazz, is accepting applications for its 11th Cohort. This is an opportunity for entrepreneurs to become part of the top incubation program in the country and scale up their startup business solutions.Launched in 2017, the National Incubation Centre has incubated more than 230 startups over 10 cohorts, working closely with more than 520 founders, helping them take charge of their businesses and do things they never thought possible.Read More...

JS Bank, SkyElectric collaborate to provide simple and convenient solar financing solutions

JS Bank and SkyElectric have expanded on their existing partnership to provide state-of-the-art sustainable energy solutions which support residential and commercial clients in reducing their dependence on the national energy grid and save on their electricity bills.Through this partnership, customers can avail financing for complete solar solutions with advanced lithium-ion batteries, adopt renewable energy and save big. The agreement was signed by Atif Salim Malik, Chief Product & Marketing Officer.Read More...

Trade deficit swells by 103.8 per cent to $15.52 billion in four months

Pakistan’s trade deficit has widened by 103.8 per cent in first four months (July to October) of the current fiscal year as imports are increasing at very fast pace.The widening of trade deficit is showing that country’s external sector of the economy is in pressure. The country’s trade imbalance was recorded at $15.525 billion in July to October period of the year 2020-21 as compared to $7.617 billion in corresponding period of the previous year, showing massive growth of 103.8 percent, according to the official data of the Ministry of Commerce.Read More...

Inflation rises to 9.2pc in October

The upward swing in consumer prices continued in October as inflation surged to 9.2 per cent from 9pc in September, influenced by faster rupee depreciation and rising energy prices last month, the Pakistan Bureau of Statistics (PBS) data showed on Monday.Inflation measured by the Consumer Price Index (CPI) increased to its highest level in four months — the period when global oil prices kept on rising steadily undermining earlier gains. At the same time, prices of fresh vegetables, fruits and meat have also posted a persistent increase in major urban centres. Read More...