Morning Market Brief 22nd Feb. 2021
Technical Overview
The Benchmark KSE100 index have faced rejection from its initial resistant region during last trading session and have given confirmation of its daily evening shooting star by creating a spinning top on daily chart. As of now it needs to be very cautious because index may show some volatile moves during current trading session because its being supported by a rising trend line along with a strong horizontal supportive region at 45,800pts, but breakout below this region would call for 45,550pts. Meanwhile momentum indicators on both daily and hourly times frames are in bearish mode therefore it's expected that index would face some pressure during current trading session while on flip side in case of bullish reversal or pull back it would face initial resistance at 46,350pts which would be followed by 46,700pts where another strong horizontal resistant region would try to cap bullish sentiment. it's expected that index would show some volatile moves during current trading session therefore swing trading could be beneficial with strict stop loss on both sides.
Regional Markets
Shares make guarded gains as bond yields, resources spike
Business News
Edible oil production increases 1.39 per cent
Domestic production of cooking oil increased by 1.39 per cent during first half of current financial year as compared to production of corresponding period of last year. During the period from July December 2020-21, about 217,441 tons of cooking oil was manufactured as compared to manufacturing of 214,989 tons of same period of last year, according the provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for December 2020 released by Pakistan Bureau of Statistics. The Quantum Indices of LSMI have been compiled with base year 2005-06 on the basis of latest data supplied by the source agencies.Read More...
Chinese firm plans $150m industrial park in Lahore to lift exports
A Chinese company is investing $150 million in an industrial park on Lahore’s border with Kasur, which will house state-of-the-art fabric units, dyeing facilities and garment manufacturing units for exporting sportswear from Pakistan to the Americas, Europe, Asia-Pacific and other regions of the world. The project by the Shanghai-based Challenge is probably the first foreign direct investment (FDI) in an export industry in Pakistan. The firm is already operating as Challenge Apparel since 2017 with its garment manufacturing unit on Multan Road near Lahore fetching nearly $44m in export revenue during the last fiscal year, according to its managing director Chen Yan, who is known in the government and business circles as Karen.Read More...
Textile exports increase 8.23pc to $8.765b in seven months, 10.79pc in January
The exports of textile commodities witnessed an increase of 8.23 per cent during the first seven months of the current fiscal year as compared to the corresponding period of last year. The textile exports were recorded at $8765.739 million in July-January (2020-21) against the exports of $8099.095 million in July-January (2019-20), showing growth of 8.23 per cent, according to latest data of Pakistan Bureau of Statistics (PBS). The textile commodities that contributed in positive trade growth included knitwear, exports of which increased from $1831.758 million last year to $2175.021 million during the current year, showing growth of 18.74 per cent.Read More...
Weekly inflation goes up 0.55pc
The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on February 18, for the combined consumption group, witnessed increase of 0.55 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 143.63 points against 142.85 points registered in the previous week, according to the latest data of Pakistan Bureau of Statistics (PBS) released here Friday. As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed an increase of 9.92 per cent. The weekly SPI with base year 2015-16=100 is covering 17 urban centers and 51 essential items for all expenditure groups. Read More...
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