The Benchmark KSE100 index is trying to establish ground above a rising trend line since last three trading session meanwhile a doji formation have taken place on daily chart during last trading session and index have succeeded in maintaining above its major supportive region of 42,700pts once again. As of now it's expected that index would try to start the day with a bullish pull back and would try to create a morning shooting star on daily chart but for that purpose index needs to close above 44,300pts which seems difficult therefore it's recommended to stay cautious because any bullish pull back could be a trap for fresh buyers until index succeeds in closing above 44,500pts. Currently hourly and daily momentum indicators are in bearish mode with indicates that index would remain bearish and daily closing below 42,700pts would push index towards 41,500pts and 40,500pts in coming days. While on flip side in case of bullish reversal index would face initial resistance at 43,550pts which would be followed by 43,885pts.
Asian share markets lagged a bounce in U.S. and European futures on Monday, while bonds surrendered some of their recent gains and oil rallied as Saudi Arabia lifted its crude prices.November's mixed U.S. jobs report did little to shake market expectations of a more aggressive tightening by the Federal Reserve, leaving a week to wait for a consumer price report that could make the case for an early tapering.Omicron remained a concern as the variant spread to about one-third of U.S. states, though there were reports from South Africa that cases there only had mild symptoms.Early trade was cautious as MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.4%.
Read More...Punjab Minister for Agriculture Syed Hussain Jahania Gardezi Sunday said that cotton production in Punjab had increased by 40 percent during the current financial year as compared to the last year. In a statement, the minister said that the Pakistan Cotton Ginners Association (PCGA) had released cotton production data, according to which the country’s total production of cotton had recorded an increase of 54.22 percent in the current season as compared to the previous season. “71,68,118 bales of cotton came to the factories this year till December 1, whereas, in the same period last year, 46,48,118 bales of cotton had come,” he said quoting the figures.
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PCMEA demands priority to carpet industry for increasing exports
The Pakistan Carpet Manufacturers and Exporters Association (PCMEA) on Sunday said that government is responsible to take concrete steps for increasing country’s exports in the international markets.This was stated by Chairperson Carpet Training Institute Parvez Hanif, Association Group Leader Abdul Latif Malik, Vice Chairman Ejaz Ur Rehman, Senior Executive Member Riaz Ahmed and Saeed Khan in a joint statement on Sunday.They said previously Pakistan obtained a huge amount of millions of dollars through export of carpets in the international markets. However, they demanded of the government to support all types of exports of Pakistani handmade carpets to the world market.
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Youth guarantee country’s development: Farrukh Habib
Minister of State for Information and Broadcasting Farrukh Habib said that youth are our precious asset and a guarantee of development in the country.He was addressing ‘Chenab Zone’ zonal conference at resource academia here on Sunday evening.He said that Pakistan Tehreek-e-Insaf (PTI) government as per the vision of Prime Minister Imran Khan had initiated various projects like Kamyab Jawan and Ehsaas programmes in the country to ensure the active role of human capital in economic development. He said that the government was imparting training of modern information technology (IT) to 100,000 youth, adding that 25,000 were now on jobs. He said that 50,000 scholarships were also being provided every year under Ehsaas Programme.
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It’s time to come clean
EVERYBODY expected the PTI government to come clean on the issue of funds that floated around the Covid crisis because it was a grave situation that was managed very well; much better than most around the globe. Sadly, however, it was not to be. The Auditor-General’s (AG) report on Covid spending underlined irregularities, causing financial losses and performance setbacks in the initial three-month period of FY20, from March to June.The Public Accounts Committee (PAC) of Parliament, keeping the sensitivity of the issue in sight, must diligently follow through on the audit report.
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