Morning Market Brief 5th Nov. 2021

Technical Overview

The Benchmark KSE100 index had tried to recover from bearish pressure during last trading session and remained volatile but it still could not succeed in closing above its major resistant region. As of now it's being capped by descending trend line along with a horizontal resistant region at 47,375pts therefore it's recommended to stay cautious and post trailing stop losses on existing long positions because if it would not succeed in closing above this region then it may face some serious pressure. Overall it would remain range bound as long as its trading between 47,500pts to 46,200pts therefore swing trading could be beneficial between these levels. While in case of reversal index would try to establish ground above 46,850pts and 46,500pts. Momentum indicators are moving in uncertain region therefore it's recommended to adopt wait and see strategy to initiate new trades for short term basis.

Regional Markets

Australia's biggest states open borders in time for Christmas season

Australia's Victoria state removed entry restrictions to citizens of neighbouring New South Wales on Friday, allowing almost blanket reciprocal travel between the country's two biggest states ahead of the busy Christmas period.Travel between the pair, home to more than half Australia's 25 million population, has been severely disrupted for months because of an outbreak of Delta variant-fuelled COVID-19 cases."Victoria and NSW have been through so much over the last few months, and we're pleased that more families will now be able to reunite just in time for Christmas and the holiday season," Victoria Premier Daniel Andrews said in a statement late on Thursday. Read More...

Business News

Five people involved in petroleum crisis arrested, FIA tells CCOE

Federal Investigation Agency (FIA) has informed the CCOE that five persons have been arrested in connection with the June 2020 petroleum crises in the country, and some of the accused have obtained interim bails while the process of freezing their accounts is underway.The Cabinet Committee on Energy (CCOE), which met under the chairmanship of the Federal Minister for Planning, Development, and Special Initiatives Asad Umar here on Thursday, was briefed by FIA on the latest updates of the investigation in petroleum crisis.The country had faced petrol shortage in June 2020.Read More...

Govt ready to provide all-out support to microfinance banking sector: Tarin

Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin on Thursday said that the government is ready to provide all-out support and cooperation to the microfinance banking sector in Pakistan.He held a meeting with the delegation of FINCA Microfinance Bank led by its Global Chief Executive Officer Ms. Andree Simon, in Finance Division. Secretary Finance Division and senior officers of Finance Division also participated in the meeting.Ms. Andree Simon briefed about operation of FINCA Micro Finance Bank Pakistan and apprised that the Bank is working to provide micro finance.Read More...

No groundwater regulatory framework in Pakistan, Senate body informed

The Ministry of Water Resources Thursday informed the Senate committee that no groundwater regulatory framework is present in Pakistan and everyone has the liberty to obtain groundwater without any licensing laws or monitoring.The Senate Standing Committee on Water Resources, that met under the chairmanship of Senator Musadik Masood Malik, unanimously noted that the future of Pakistan in terms of water resources is questionable.The committee discussed the details/table of underground water level in every district of Balochistan and Khyber Pakhtunkhwa.Read More...

Sugar price sees sudden sharp rise

The sugar price shot through the roof on Thursday as wholesale rate touched Rs150 per kilogram in most parts of the country and retail rate up to Rs160kg, with no official control at either level.In Lahore, wholesale price reached Rs15,000 per 100kg bag as local stocks started drying up and speculative pressure increased on the price. Similar inflated rates, with negligible variations, were reported from Karachi, Peshawar, Rawalpindi and other parts of the country.In Quetta, the price suddenly rose to over Rs140 per kg from Rs135 per kg.Read More...