Morning Market Brief 7th Sep . 2021

Technical Overview

The Benchmark KSE100 index had tried to establish ground above supportive trend line and created a second consecutive hammer on daily chart which opened doors for a morning shooting star for current trading session but momentum indicators are still in bearish mode and today's closing below 46,700pts would fuel bearish sentiment for short term basis. Meanwhile major supportive trend line which is trying to provide ground against bearish pressure since last two months is standing at 46,700pts for current trading session therefore it's expected that index may show some volatile behavior during current trading session in this region. Some fresh and healthy trading volumes are required for a pull back from this region but if index would not succeed in maintaining above this region till day end today than it would start sliding downward in coming days towards its next expansion levels which fall at 46,500pts and 46,200pts. Meanwhile index had continued its bearish journey during last trading session towards expansion of its last bearish correction on hourly chart, currently hourly momentum indicators are still bearish and these indicates that index would try to target its 61.8% expansion level which falls at 46,830pts. It's recommended to stay cautious because daily and hourly both momentum indicators are in bearish mode but daily candle stick formation may try to format a morning star if index would succeed in closing above 47,180pts till day end today. irrespective of last week' bearish pressure index is still standing above its major supportive regions therefore it can be said that index is trying to attract buyers but it's recommended to post strict stop loss at 46,700pts as this region would react as a pivotal value. On flip side in case of bullish pull back index would face initial resistance between 47,065pts-47,180pts which would be followed by 47,380pts and 47,600pts. A crossover of two strong supportive trend lines is taking place at 46,800pts on weekly chart therefore it's expected that a massive selling volume is required to give bearish breakout of this region.

Regional Markets

Japan's July household spending rises less than expected

Japan's household spending grew less than expected in July as a resurgence in COVID-19 cases hindered consumer activity, throwing broader economic recovery prospects into doubt.The world's third-largest economy is struggling to shake off the impact of the coronavirus pandemic, which forced the government to impose new state of emergency restrictions that now cover about 80% of the population.Household spending rose 0.7% year-on-year in July, after a revised 4.3% fall in June, government data showed on Tuesday.Read More...

Business News

Nation must stand united and reaffirm the spirit of Patriotism, says President UMT

President University of Management & Technology (UMT) Ibrahim Hassan Murad paid tribute to Pakistan armed forces on 6th September and shared that we celebrate Defence Day as a national day to commemorate the sacrifices made by our soldiers in safeguarding Pakistan. He said that after the unforgettable struggle and sacrifices of our forefathers we got Pakistan which is based on true Islamic ideology.Read More...

Khusro Bakhtyar invites Japanese companies to gain foothold in Pakistani market

Federal Minister for Industries and Production Khusro Bakhtyar on Monday invited Japanese companies to gain foothold in Pakistani market.Federal minister for industries and production received Kuinori MATSUDA, Ambassador of Government of Japan to Pakistan in his office. During the meeting, both shared the key areas of cooperation in industrial sector and modernisation of local engineering industry.The minister discussed the business opportunities for Japanese automobiles companies under frame work of new auto policy focusing on localisation and making the auto sector export-oriented.Read More...

Pakistan eyes launch of 5G in 2023

As the telecom industry’s market size has grown to $16.9 billion after attracting $1.2bn in foreign direct investments in the last three years, the Ministry of Information Technology and Telecom is aiming to roll out 5G in 2023.The ministry has said that the target has also been welcomed by foreign investors too.In a recent presentation on the sector’s performance to Prime Minister Imran Khan, the ministry has highlighted that for meeting the future requirements.Read More...

Details of deemed duty collection sought

The government has asked all six oil refining facilities in the country to provide full details of Deemed Duty (DD) collected on petroleum products since its inception two decades ago along with third party audits of its utilisation.In a letter, the Petroleum Division has asked managing directors of five major refineries — Pak Arab Refinery Ltd, National Refinery Ltd, Pakistan Refinery Ltd, Byco, Attock Refinery Ltd and Enar Petroleum Refining Facility — to provide within two days the “yearly break up of DD collected by each refinery and its utilisation since its inception”.Read More...