The Supreme Court observed in clear terms on Thursday that Prime Minister Nawaz Sharif, being a public officeholder, could get into trouble if his children failed to justify the source of the money that led to the acquisition of the four controversial London apartments.
The countrys foreign exchange reserves continued downward trend and reached below $21 billion mark in the end of the last week. According to State Bank of Pakistans (SBP) weekly foreign exchange reserves report issued on Thursday, the countrys total liquid foreign reserves were declined $ 618 million to $ 20.83 billion during the week end on July 14, 2017 as compared to $ 21.448 billion as on July 7, 2017.
In a mammoth blow to exports, Pakistan has lost its textile export share in global market by 23 percent from 2.2 percent to 1.7 percent raising questions on economic and trade policies of government functionaries, unfolds the latest presentation on restoration of viability and growth of textile industry prepared by Aptma.
The Market is expected to remain volatile today. We advise Traders to exercise caution. Buying on dips and booking gains on strength is recommended.
The Benchmark KSE100 index opened with a gap of 250 points above a critical diagonal resistant channel placed at 45560 yesterday. However, the upside trend exhausted as the index dropped from a high of 46087.58, covering the gap with high volumes. This was the third attempt where the Index attempted to break the diagonal resistant line. Hence, analyzing the trend, we feel that it may find a minor support at 44450, and a major support at 43650 – 43450 region in the sessions to come. Traders are advised to stay cautious while taking long positions unless the Index breaks and sustains 45500 level in today’s trading session.
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