Morning Market Brief 2nd jun 2021

Technical Overview

The Benchmark KSE100 index is being capped by a resistant trend line on daily and weekly chart which is try to cap current bullish sentiment meanwhile index is moving inside a bullish price channel on daily chart and it's in expansion mode of its last bullish correction. As of now 61.8% expansion of its correction have been completed on daily and weekly chart but expansion of its previous weekly triangle may push index further upward, it's recommended to stay cautious and post trailing stop losses on existing long positions because if index would face rejection from its resistant trend line which falls at 48,400pts then an intraday correction could be witnessed, overall sentiment would remain bullish until index would not slide below 47,200pts. On flip side in case of rejection from its resistant regions index would try to establish ground above 47,730pts and breakout below this region could push index towards 47,500pts and 47,200pts. Hourly and daily momentum indicators are still in bullish mode and these would try to push some fresh volumes in market once index would succeed in closing above 48,530pts. Weekly or daily closing above 48,530pts would push index towards 50,380pts in coming days.

Regional Markets

Asian shares tick up U.S. data bolsters reopening hopes

Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin, on Tuesday, said that government would increase the GDP growth to 6-7 per cent in next couple of years to make Pakistan a regionally competitive economy. He chaired the second meeting of the Economic Advisory Council at the Finance Division. The finance minister welcomed the participants and highlighted the objective of the formation of Economic Advisory Council, which is the promotion of evidence based policy formation and reforms with the effective consultation and feedback from all important stakeholders. He said that the ultimate goal of these consultative meetings is to spur growth and take it to around 6-7 per cent in a couple of years to make Pakistan a regionally competitive economy.Read More...

Business News

JS Bank joins garden square developers for home financing solution

JS Bank has joined hands with Garden Square Developers to provide home financing at minimal markup rates under the government of Pakistan’s Markup Subsidy Scheme, backed by State Bank of Pakistan. Under this scheme, JS Bank aims to provide low-cost house financing to individuals investing in Garden Square Developer’s projects. The agreement was signed by Basir Shamsie, President & CEO - JS Bank and Ahsan Aleem Khan, Director - Garden Square Developers. Also present on location were Fahad Siddiqui, Head of Secured Lending and Zulfiqar Ali Lehri, Distribution Head Consumer Lending on behalf of JS Bank alongside while Garden Square Developers was represented by Muhammad Wasim Khan, CEO and Zunair Aleem Khan, Director. Speaking on the occasion.Read More...

Govt to increase GDP growth to 6-7pc in coming years: Tarin

Alvi for more trade, connectivity among ECO states

Categorically stating that Pakistan’s stance on Israel’s violations of human rights in Palestine is anti-Zionist and not anti-Semitic, President Dr Arif Alvi on Tuesday urged Muslim states to make themselves economically strong and stable so that their voice could have weight in the international community.“Pakistan’s stance on Israel’s violations of human rights is ‘not anti-Semitic, but anti-Zionist’ as we are against genocide. We are not against Jews or Christians, but against all oppressors of humanity,” the president said while addressing the inaugural session of Second Conference of Parliamentary Assembly of the Economic Cooperation Organisation (ECO) countries.Read More...

Focus on maintaining growth momentum

The Economic Advisory Council on Monday agreed to keep the focus of coming budget on agriculture, export diversification, higher subsidy allocations and to extend construction sector tax amnesty until December 31 to maintain the growth momentum.The second meeting of the EAC presided over by Finance Minister Shaukat Tarin deliberated upon six out of 12 expert groups. The minister told the EAC that ultimate goal of these consultations was to spur growth and take it to around 6-7pc in a couple of years to make Pakistan a regionally competitive economy.Read More...