Morning Market Brief 7th jun 2021

The Benchmark KSE100 index is being capped by a strong resistant trend line and it's trying to cap current bullish sentiment since last three trading session. As of now it's expected that index would once again try to retest this resistant region at 48,400pts initially and if it would succeed in closing above this region on daily chart then next target would be 49,050pts in coming days. While on flip side in case of rejection from this region index would initially side towards 48,100pts which would be followed by 47,730pts and 47,500pts. Hourly and daily momentum indicators have changed their direction towards bearish side but daily closing above 48,400pts would pull these into positive region once again and index would start moving towards expansion of expansion of its last bullish correction. Its recommended to stay cautious because if index would not succeed in bullish breakout of 48,400pts then scenario would change and index may start a slight correction therefore its recommended to avoid short selling until a clear reversal sign take place on hourly chart and post trailing stop loss on existing long positions.

 

NEC likely to approve development outlay of Rs2.1tr today

The Federal Ministry of Information Technology and Telecommunication has launched two major projects for Swat including a universal service for people living in remote areas of Swat at a cost of over Rs 78 million.This was stated by Deputy Commissioner Swat Junaid Khan while talking to APP here on Sunday. He said, the first project is to provide high speed broadband services while under the Pakistan Software Export Board a state-of-the-art software technology park will be set up at Mingora on 22,000 square feet. According to the Federal Ministry of Information Technology and Telecommunication, he said, Swat district is famous for its historical civilization and its beautiful valleys, rivers and mountains which make it a tourist’s paradise, related to technology to connect this beautiful region to the digital world.Read More...

Economic experts claimed that Pakistan’s various sectors are ready to receive maximum benefits from China-Pakistan Economic Corridor (CPEC) project According to political economists, many sectors will get benefits from the project as in addition to the economic corridor, CPEC in Pakistan will include energy projects, infrastructure development, industrialization, and the expansion and improvement of Gwadar Port. The project has great potentials for Pakistan, in both economic and regional domains. They said that the goal of CPEC is both to transform Pakistan’s economy—by modernizing its road, rail, air, and energy transportation systems—and to connect the deep-sea Pakistani ports of Gwadar and Karachi to China’s Xinjiang province and beyond by overland routes.Read More...

Five dams which were being constructed to overcome the issue of water scarcity in Rawalpindi would be completed by 2023, said Minister for Aviation Ghulam Sarwar Khan here Sunday. The minister told APP that work on Daducha Dam, Papin Dam, Mahutta Mohra Dam, Mujahid Dam and Chahan Dam is in full swing while Punjab government has also allocated an amount in the 2021-22 ADP for the completion of the projects. Sarwar said that after the completion of work, it is expected that dams would irrigate around 30,000 acres agriculture land resulting increase in crops.The minister said that work on Chahan dam has been finished and it would provide water to 42 Union Councils of the district including Kotha Kalan, Lakhan, hak Jalal u Din, Dhamial, Mohri and others. He said that work on ring road project would be started soon.Read More...