Morning Market Brief 8th Oct. 2021

Technical Overview

The Benchmark KSE100 index is caged in a triangle on hourly chart and it bounced back after getting resistance from resistant trend line during last trading session. As of now it's expected that index would try to establish ground 44,380pts-44,300pts where its being supported by supportive trend line of said triangle along with a horizontal supportive region therefore buying on dip with strict stop loss could be beneficial for day trading, while breakout below this region would call for 43,965pts which would change current positive sentiment to negative side. On flip side index would face initial resistance at 44,775pts where its being capped by a horizontal resistant region and breakout above this region would call for resistant trend line of its triangle which falls at 44,916pts. Market would witness a long rally in either direction once it would succeed in giving breakout of its triangle therefore it's recommended to stay cautious and adopt swing trading with strict stop loss on both sides until index gave a clear breakout of its triangle.

Regional Markets

Asian shares rise as Chinese markets return from break

Asian shares rose on Friday as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key U.S. jobs data for any fresh insight into the timing of Federal Reserve tapering.MSCI's broadest index of Asia-Pacific shares outside Japan rose0.5%, after rallying 2.1% the day before, its biggest daily gai which has been open all week, gained 1%.Elsewhere, Australian shares rose 0.84%, helped by mining stocks amid surging commodities prices.Read More...

Business News

PM’s adviser to brief parliamentary committee on SLIC privatisation

A parliamentary committee on Thursday decided to call Advisor to Prime Minister on Commerce and Investment to brief the committee regarding the privatisation of State Life Insurance Corporation (SLIC).The meeting of Standing Committee on Privatisation was held under the chairmanship of Syed Mustafa Mahmud, MNA, in Privatisation Division Islamabad. The Committee recommended that the Advisor to Prime Minister on Ministry of Commerce may brief the Committee regarding the privatisation of State Life Insurance Corporation (SLIC). The Committee was informed that after the approval of proposed amendments in the law, the process of privatization would be completed.Read More...

Higher wheat output target fixed amid water woes

The Federal Committee on Agriculture (FCA) on Thursday fixed wheat target at 28.9 million tonnes from a sowing area of 9.2 million hectares for the rabi season 2021-22, an increase of 1.4 million tonnes over last year’s production.Punjab will be producing 21.94 million tonnes, almost 75 per cent of the total wheat target, followed by 4,200,000 tonnes by Sindh, 1,525,000 tonnes by Khyber Pakhtunkhwa and 1,215,000 tonnes by Balochistan.The high-powered committee, chaired by Minister for National Food Security and Research Syed Fakhar Imam, also set targets for other major rabi crops including gram and potatoes.Read More...

Pakistan’s growth expected to ease to 3.4pc: WB

Highlighting certain downside risks, the World Bank on Thursday said Pakistan’s economic growth rate slightly came down to 3.4 per cent during the current fiscal year against 3.9pc of last fiscal year. However, it pointed out, the growth rate can hit the 4pc mark in the next fiscal year (2023) if the government implemented key structural reforms.“In Pakistan, growth is expected to ease a little to 3.4pc in fiscal year 2021-22, as fiscal and monetary measures are expected to unwind,” said the World Bank in its twice-yearly report South Asia Economic Focus Shifting Gears.Read More...

ECC restricts cash redemption on remittances

The Economic Coordination Committee (ECC) of the cabinet on Thursday empowered a committee led by Finance Minister Shaukat Tarin to ban or allow export of onions and tomatoes based on actual data and decided to restrict cash redemption of reward points on remittances to only those overseas Pakistanis who return to the motherland permanently.A meeting of the ECC presided over by Finance Minister Tarin also decided to allocate 280,000 tonnes of wheat for the Utility Stores Corporation (USC) and 300,000 tonnes for Azad Kashmir during the current year.Read More...