Morning Market Brief 3rd May 2021

Technical Overview

The Benchmark KSE100 index have given bearish breakout of its triangle on daily chart by closing below 44,350pts during last trading session and now it's expected that bears would try to overrule the market in coming days. For current trading session index have initial supportive region at 43,900pts but breakout below this region would call for 43,500pts. While on flip side index have initial resistant region at 44,500pts which is being followed by 44,760pts and 45,000pts. Daily and hourly momentum indicators are still in bearish mode and it's expected that index would continue its bearish journey towards 42,500pts if it would succeed in closing below 43,900pts on daily chart. While for day trading in case of bullish spike it's recommended to start selling on strength with strict stop loss of 44,760pts. Overall sentiment would remain bearish until index would not succeed in closing below 45,500pts therefore it's recommended to stay cautious with existing long positions.

Regional Markets

Asia off to slow start ahead of U.S. data deluge

Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery. MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat after taking a bit of a spill on Friday. Japan's Nikkei was shut for a holiday, but Nikkei futures edged up 0.2%. Wall Street extended its bull run with Nasdaq futures and S&P 500 futures both up 0.3%. A busy week for U.S. economic data is expected to show resounding strength, particularly for the ISM manufacturing survey and April payrolls. Forecasts are that 978,000 jobs were created in the month as consumers spent their stimulus money and the economy opened up more.Read More...

Business News

Target for reduction in circular debt unlikely to be achieved

Reduction in circular debt as committed with the International Monetary Fund (IMF) and the World Bank is unlikely to materialise due to unrealistic subsidy allocations at the outset of the two-year circular debt management plan (CDMP), according to the power division. The power division had protested in writing over inadequate budgetary allocations for debt servicing of power sector loans parked in the Power Holding Private Limited (PHPL), payments to independent power plants and overall tariff differential subsidies for budget year 2021-22, a senior official at the power division told Dawn on Sunday.Read More...

Exports cross $2bn mark for seven months, says PM aide

Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood has claimed that Pakistan’s monthly exports have crossed the two billion dollars mark for seven consecutive months for the first time over a decade. “Alhamdulillah (Thanks God), Pakistan’s export for April 2021 stood at USD 2.191 billion. This is the first time since 2011 that our monthly exports have crossed the 2-billion mark for seven consecutive months,” writes Mr Dawood on his official social media account on Twitter on Sunday.Read More...

Next budget to focus on GDP, inflation, uplift projects: PM

Prime Minister Imran Khan setting aside the protocol on Sunday drove to G-11 Markaz and some other areas of the federal capital where he interacted with cart owners before presiding over a meeting on the next annual budget and national economy. The prime minister said the government should prepare a development-oriented budget for the year 2021-22 in which improving GDP growth and tackling inflation would be the main areas of focus.Read More...

Pakistan’s exports witness decline to $2.1 billion in April

Pakistan’s exports have declined to $2.191 billion in April, which is 7.36 per cent less than the previous month. In April, Pakistan’s exports have declined by $0.174 billion as compared to March, according to the official data. In April Pakistan’s exports were $2.191 billion which were $0.174 billion less than the exports of $2.365 billion in March. However, exports for Jul-April 2021 grew by 13 per cent to $20.879 billion as compared to $18.408 billion during the same period last year, said Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood here Sunday.Read More...