Morning Market Brief 31st May 2021

The Benchmark KSE100 index have reached its triple top on daily and hourly charts and now it's expected that index may show volatile behavior before closing above this region therefore it's recommended to stay cautious because if index would not succeed in giving a breakout above 47,350pts then it would face selling pressure on intraday basis. While breakout above this region would call for 47,500pts and 47,760pts. a bullish marubuzo candle have taken place to vanish impact of a hammer and if index would not succeed in creating another marubuzo and a spinning top or a hammer would take place during current trading session then it would increase uncertainty among technical traders. On flip side index would try to establish ground above 46,900pts initially and breakout below this region would call for 46,500pts. Hourly momentum indicators are showing weakness and they are ready for a bearish crossover and if index would not succeed in maintaining above 46,000pts then these would start pushing it further downward. Overall sentiment would remain bullish until index is trading above 46,500pts but daily chart have started generated signs of uncertainty therefore its recommended to post trailing stop loss on existing long positions.

 

Pakistan has $150 billion exports potential, claims President ICCI

President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan on Sunday said that Pakistan has an overall exports potential of $150 billion through focusing on industrial competitiveness to increase the country’s exports in world potential markets.“Industrial competitiveness, use of innovative technology, promotion of regional trade and the search for new markets used for exports could take domestic exports to the 150 billion targets” he said. To achieve the ambitious target of $150 exports, we need to focus more on the productive sectors including agriculture, tourism, textiles products and Information Technology for attaining the agenda of economic development and prosperity in the country, President ICCI said this in an exclusive panel interview to APP.Read More...

Ignite National Technology Fund, a company associated with Ministry of IT and Telecom, entered into framework collaboration agreement with Pakistan Agricultural Research Council (PARC) to further the use of digitisation and innovation in the development of tech-based solutions to benefit sustainable agricultural production (agriculture, livestock, and aquaculture), increase food & nutrition security and increase farmers’ access to markets.Ignite CEO Asim Shahryar Husain, and PARC Secretary Roshan Zada, inked the framework collaboration agreement in the presence of Syed Junaid Imam, Member IT, Ministry of IT & Telecom and Dr Muhammad Azeem Khan, Chairman PARC.Read More...

The government is considering unbundling K-Electric into separate generation, transmission and distribution companies instead of transferring it as a single entity to some other large foreign firm.The new policy consideration has officially come to the fore after recent spar between Karachi-based trade bodies led by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and K-Electric over reported poor power supply in the country’s largest city.Special Assistant to the Prime Minister (SAPM) on Power & Petroleum Tabish Gauhar has confirmed in writing that the government supported.Read More...

The government and the opposition on Sunday continued making claims and counter-claims regarding the country’s prevailing economic situation with both challenging each others’ statistics ahead of the presentation of the federal budget next month.When federal Minister for Information and Broadcasting Fawad Chaudhry through a series of tweets targeted the opposition for calling protest demonstrations at a time when the country’s economy was booming, the main opposition Pakistan Muslim League-Nawaz challenged the government to issue a comparison of economic indicators for the year 2018 when the PML-N ended its term with the present indicators after the three-year rule of the Pakistan Tehreek-i-Insaf government.Read More...