The Benchmark KSE100 index had faced rejection once again from resistant trend line of its bearish price channel during last two trading sessions but it succeeded in avoiding an evening shooting star on daily chart. As of now it's recommended to stay cautious because index is still being capped by same resistant regions at 47,730pts and 47,900pts. Meanwhile daily and hourly indicators are ready for a bearish run and if index would not succeed in maintaining above 47,500pts till day end today then some serious selling pressure would be witnessed. For day trading it's recommended either to adopt swing trading or buying on dip with strict stop loss. Index would initially try to establish ground above 47,350pts-47,200pts regions but breakout below this region would push index towards 47,000pts and 46,900pts. While in case of bullish pull back index would face initial resistance at 47,660pts-47,730pts.
Regional Markets
Asia stocks spooked by sudden slide in gold
Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat U.S. jobs report lifted bond yields.Sentiment was shaken by a sudden dive in gold as a break of $1,750 triggered stop loss sales taking it as low as $1,684 an ounce . It was last down 2.2% at $1,723.Brent sank almost 2% on concerns the spread of the Delta variant would temper travel demand.Holidays in Tokyo and Singapore made for thin trading conditions, leaving MSCI's broadest index of Asia-Pacific shares outside Japan down 0.1%.
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Business News
Pakistan, Italy to negotiate for finalising pact on labour import
Ambassador of Pakistan to Italy, Jauhar Saleem on Sunday signaled the start of talks on a ‘Labour and labour force import Agreement’ between Italy and Pakistan for providing more opportunities to local skilled youth to get employment in the competitive Italian Job market.“The agreement is need of the hour for the exchange of legal workforce and legal migration between the two countries,” he said.The current strong economic and trade ties between the two countries will help to foster such a potential agreement, which will bring the two countries closer together.
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New 5-year programme for Pakistan to focus on structural reforms, health, education: WB
The World Bank Group is preparing its new 5-year programme of support for Pakistan, the Country Partnership Framework (CPF) for 2022-2026 as the bank emphasises importance of structural reforms to sustain recovery.The World Bank (WB) Vice President for South Asia, Hartwig Schafer, concluded Sunday a week-long visit to Pakistan to discuss the country’s development priorities and how the Bank can continue to support the government’s reform agenda, said a statement issued here by the World Bank.Hartwig Schafer was joined in his meetings by the Country Director for Pakistan, Najy Benhassine, and the Pakistan Alternate Executive Director for the World Bank, Naveed Baloch.
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Govt approves new fishing policy allowing fishing in deep sea: Zaidi
Minister for Maritime Affairs Ali Haider Zaidi says the federal cabinet has approved a new fishing policy to allow the fishermen for fishing in the deep sea. Talking to the media persons in Karachi today (Sunday), he said that new licences will be issued to the local fishermen and steps are being taken to address their problems. Ali Zaidi said that fishermen have also been included in the Kamyab Jawan Programme and now they can expand their business.
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Ogra seeks guidelines as gas firms’ monopoly ends
The Oil and Gas Regulatory Authority (Ogra) has urged the public representatives and government to come up with policy guidelines for competition-based development and expansion of national grid and new residential gas connection in view of the expiry of monopoly of the two gas companies — Sui Northern Gas Pipelines Limited and Sui Southern Gas Company Limited.“Please be advised that exclusivity of the gas companies to operate in franchise areas is no longer valid and hence new development schemes are to be awarded on a competitive basis.
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