Morning Market Brief 22nd Mar. 2021
Technical Overview
The Benchmark KSE100 index is facing rejection from its supportive trend line of its previous bullish price channel while and daily stochastic have created a bearish crossover in this region which would try to add pressure on index during current trading session. Currently index have strong resistant regions ahead at 45,200pts and 45,500pts from where it may face rejection and it may start sliding downward for expansion of its last bearish correction therefore it's recommended to start selling on strength as index seems to slid initially towards 44,500pts during current trading session while breakout below this region would call for 44,000pts and 43,800pts. Index is moving downward in waves which indicates that index may start falling any time to complete ABC formation of its last bullish elliot wave. Meanwhile index is being capped by a descending trend line which would try to react as a strong resistant region. Overall sentiment seems bearish on basis of technical analysis therefore it's recommended to stay cautious until index succeed either in closing above 45,700pts or below 43,800pts on daily chart.
Regional Markets
Asia stocks mixed as bonds benefit from Turkish tumult
Asian markets turned mixed and bonds bounced on Monday as a plunge in the Turkish lira sparked talk that capital controls might be needed to stem the rout, though the wider fallout was relatively restrained for the moment.The uncertainty saw Japan’s Nikkei fall 1.8%, partly on speculation Japanese retail investors could face losses on large long positions in the high-yielding lira.The ripples were more modest elsewhere with MSCI’s broadest index of Asia-Pacific shares outside Japan actually adding 0.2%, aided by a 0.8% rise in Chinese blue chips. EUROSTOXX 50 futures eased 0.2% and FTSE futures 0.1%. Nasdaq futures firmed 0.4%, while S&P 500 futures dithered either side of flat. Yields on 10-year Treasury notes edged down five basis points to 1.68%, suggesting some favoured safe havens.Read More...
Business News
SNGPL, SSGC demand 14 to 220pc raise in gas prices from July 01
Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC) have sought 14 to 220 per cent increase in its prescribed prices effective from July 01, 2021. In its petition, Sui Northern Gas Pipeline Limited (SNGPL) has requested Oil and Gas Regulatory Authority (OGRA) to increase its prescribed prices by around 220 per cent or 1415. 91 per MMBTU for Fiscal Year 2021-22. Similarly, the Sui Southern Gas Company (SSGC) has also demanded 14.099 per cent or Rs 109.78 per MMBTU increase in its prescribed prices. In its revised petitions for the Estimated Revenue Requirements/prescribed prices for FY 2021-22 both the Sui Companies have demanded increase in prescribed gas prices and the transfer the burden of RLNG diverted to domestic consumers.Read More...
Govt endavours to uplift agriculture sector, says Fakhar Imam
Federal Minister for National Food, Security and Research, Syed Fakhar Imam, said that country’s agri production could be enhanced by paying special focus on agriculture. He said that the incumbent government is devising various policies for uplift of the agriculture and steps were being taken to put it on modern ways. Syed Fakhar Imam expressed these views while talking to notables of the area during a visit to Kabirwala. He said that Prime Minister Imran khan has special interest in uplift of the Agriculture and he is well aware of the issues, faced by the growers. The Prime Minister had given orders to fix the wheat price at Rs 1800 per mound for welfare and prosperity of the growers so that the growers could get reward of their hard work. ‘Country’s progress lies in progress of agriculture’, said the Federal Minister. He said that the Covid 19 pandemic had affected the economy across the world including Pakistan, and we will have to play role together for uplift of the country.Read More...
Cutlery exports surge 29.54pc to $80.94m
The exports of cutlery from the country witnessed an increase of 29.54 per cent during the eight months of financial year 2020-21 as compared to the corresponding period of last year. The country exported cutlery worth US $80.946 million during July-February (2020-21) against the exports of US $62.486 million during July-February (2019-20), showing growth of 29.54 per cent, according to the Pakistan Bureau of Statistics (PBS). Meanwhile, on year-on-year basis, the cutlery exports also rose by 35.82 per cent during the month of February 2021 as compared to the same month of last year. The cutlery exports in February 2021 were recorded at $10.639 million against the exports of $7.833 million in February 2020, the PBS data revealed. Read More...
HBL becomes first Pakistani bank to operate in China
THBL became the first Pakistani bank to open a branch and serve clients in Beijing, China’s capital city. The inauguration ceremony for HBL Beijing was attended by clients, regulators and senior executives of the Bank from across HBL’s international network. Deputy Governor, State Bank of Pakistan, Jameel Ahmad, HBL Chairman Sultan Ali Allana, - HBL President and CEO Muhammad Aurangzeb, along with senior executives and HBL’s customers, virtually joined the ceremony. HBL Beijing offers a full range of products and services for its clients. HBL officials expressed their gratitude to the Governments of Pakistan and China and the regulators for the trust and confidence, reposed in the Bank, through the opening of the branch.Read More...
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