Morning Market Brief 3rd Sep . 2021

Technical Overview

The Benchmark KSE100 index had continued its bearish journey towards 61.8% expansion level of its last bearish correction and have generated an evening shooting star on daily chart during last trading session. As of now it's going to target its previous resistant trend line as supportive region for fourth time therefore it's expected that index may try to penetrate this region on intraday basis therefore it's recommended to stay cautious because if index would succeed in giving breakout below this region which falls at 46,760pts then it may target 46,630pts. Daily and hourly momentum indicators are bearish but it's recommended to stay cautious because index may take a spike on intraday basis to retest its previous supportive regions as supportive ones. But daily closing below 46,630pts would push index into bearish zone for short term basis. Overall a volatile session could be witnessed and bulls may try their last effort to avoid confirmation of daily evening shooting star and index may recover towards 47,250pts on intraday basis. Today's closing matters a lot being last trading day of the week. Meanwhile a crossover of a trend line and a horizontal resistant region is taking place at 46,630pts therefore it's expected that this region would try to push index back into positive direction. On flip side index would face initial resistance between 47,250pts-47,350pts which would be followed by 47,500pts and 47,660pts regions.

Regional Markets

Australia announces Pfizer coronavirus vaccine swap deal with Britain

Australia will get 4 million doses of the Pfizer Inc coronavirus vaccine in a swap deal with Britain, Prime Minister Scott Morrison said on Friday, days after announcing a smaller swap agreement with Singapore.The doses will reach Australia over the next few weeks, which will help double the available Pfizer shots for September, Morrison told reporters in Canberra.Read More...

Business News

Engro Fertilizers, BOP collaborate to provide easily accessible financing to farmers

Engro Fertilizers Limited and The Bank of Punjab (BOP) have collaborated to provide easily accessible financing to farmers through BOP’s branch network across Pakistan.Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan programme will be able to avail financing on easy terms and concessional markup rates from the BOP. These farmers will avail this facility to invest in their infrastructure, mechanization and working capital for yield improvements.This financing arrangement will help farmers to improve farm economics through better production and, thus, increase their income levels as well.Read More...

Pakistan’s Dr Amjad Saqib receives Ramon Magsaysay Award

The prestigious Ramon Magsaysay Award, popularly known as the “Asian Nobel Prize”, is presented to most outstanding individuals in Asia for their selfless and extraordinary contribution to their societies. It is Asia’s premier prize and highest honour and since its inception in 1958, Magsaysay Foundation, Philippine, confers three to four awards each year from amongst selfless leaders out of 40 countries of Asian continent. Few previous awardees include Mother Teresa, Dalai Lama, Nobel Laureate Dr. Muhamamd Yunus, Abdul Sattar Edhi and Shoaib Sultan Khan.Read More...

Nepra reserves judgement on Rs1.26 per unit increase for KE

The National Electric Power Regulatory Authority (Nepra) on Thursday reserved its judgement about Rs1.26 per unit additional charge to consumers on account of monthly fuel price adjustment and quarterly adjustment for April-June 2021.At a public hearing presided over by Nepra chairman Tauseef H Farooqui, the regulator took up two separate petitions of K-Electric (KE) for additional charge to consumers including 55 paisa per unit on account of fuel cost adjustment (FCA) for July and 71 paisa per unit for quarterly adjustment for April-July 2021.Read More...

Oil sales up by 22pc in July-August

Pakistan’s overall oil sales posted growth of 22 per cent in July-August 2021 to 3.9 million tonnes from 1.97m tonnes during the same period last year.The sales of furnace oil registered the highest increase of 63pc in August to 508,000 tonnes and 59pc in July-August to 878,000 tonnes led by rising prices of Liquefied Natural Gas (LNG) in the international market.Due to shortage of LNG in the international market furnace oil was an alternative fuel for furnace oil, said Umair Naseer at Top Line Securities.Read More...