Morning Market Brief 5th Oct. 2021

The Benchmark KSE100 index had continued its bullish journey during last trading session but a volatile session was witnessed and index moved in a zig zag way after breakout of its descending wedge in bullish direction. As of now it's expected that initially index would try to continue its bullish sentiment but later on it may face strong resistance between 45,200pts-45,350pts region therefore it's recommended to stay cautious and its recommended to post trailing stop loss on existing long positions, because if index would not succeed in closing above this region on hourly chart then it may face some session pressure which may lead it towards negative zone before day end. Hourly and daily momentum indicators are still in bullish mode and these would try to attract some fresh volumes from buying side but index have major resistant regions ahead therefore it needs some healthy volumes to close above 45,350pts. In case of rejection from its resistant regions index would start sliding downward and initially it would try to target 44,760pts where it would try to target establish ground above a horizontal supportive region but breakout below this region on intraday basis would change sentiment and bears would take control and they would lead index towards 44,500pts and 44,350pts in coming days. swing trading could be beneficial as long as index trading between 45,500pts and 44,350pts.

Summit Bank to sell 51pc shares to UAE investor

The board of directors of Summit Bank has agreed to sell at least 51 per cent controlling interest to a UAE-based investor at Rs2.51 per share, a regulatory filing said on Monday.The smallest listed bank in terms of total assets will let Nasser Abdulla Hussain Lootah, who currently owns 0.51pc shares in the bank, subscribe to new ordinary shares by way of fresh equity injection.Post-subscription, the acquirer will purchase existing shares from minority shareholders through a public tender offer to bring its shareholding to at least 51pc and gain management control.Read More...