Morning Market Brief 23rd Feb. 2021
Technical Overview
The Benchmark KSE100 index have got support from a rising trend line along with a horizontal supportive region during last trading session and now it's expected that it would try to bounce back during current trading session for an intraday spike therefore for day trading buying on dip could be beneficial with strict stop loss. Currently index have supportive region ahead which falls between 45,700pts-45,500pts where index is going to get support from a daily double bottom along with a strong horizontal supportive region but its recommended to stay cautious because this pull back may got ignited by international oil prices but impact of daily evening star and weekly bearish engulfing pattern are still intact and index could face strong resistance from 46,250pts-46,350pts region which would be followed by 46,500pts. Daily and weekly momentum indicator are still bearish and these could drag index into negative zone if it would not succeed in closing above 46,700pts. While on short term basis index would enter into bearish zone if it would succeed in sliding below 45,500pts on daily chart. For current trading session some serious volatile moves could be witnessed.
Regional Markets
Oil prices jump more than $1 on slow U.S. output restart
Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week.Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. Brent crude was up $1.06, or 1.6%, at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38. U.S. crude rose 81 cents, or 1.4%, to $62.51 a barrel, after hitting a session high of $62.73. Both benchmarks have risen more than 1% after climbing nearly 4% in the previous session.Read More...
Business News
Electric fans export up 15.21pc
The export of electric fans witnessed an increase of 15.21 percent during the seven months of financial year (2020-21) as compared to the corresponding period of last fiscal year. The country exported electric fans worth $14.476 million during July-January (2020-21) as against the exports of $12.565 million during July-January (2019-20), showing growth of 15.21 percent, according to the Pakistan Bureau of Statistics (PBS). In terms of quantity, the exports of electric fans also rose by 24.06 per cent by going up from 715,000 to 887,000, according to the data. Meanwhile, on year-to-year basis, the exports of electric fans increased by 31.87 percent during the month of January 2021 as compared to the same month of last year.Read More...
27pc drop in foreign direct investment
Foreign direct investment (FDI) during the first seven months of the current fiscal year fell by 27 per cent compared to the same period of last fiscal year, the State Bank of Pakistan (SBP) reported on Monday. The FDI during July-Jan FY21 was $1.145 billion against an inflow of $1.577bn in the same period last fiscal year. The inflow during January was $192.7m compared to $219m in the same month of previous fiscal year; 12 per cent decline was noted. However, the seven-month decline was mainly due to a decline in net FDI from China and increase in net outflow to Norway. The country-wise details showed that net inflow of FDI from China was $402.8 million against $502.6m in the same period of last fiscal year. Read More...
NPMC takes notice of increase in prices of chicken, eggs
National Price Monitoring Committee (NPMC) has taken the notice of increase in prices of chicken and eggs and directed the provincial governments to take corrective measures and ensure supply of poultry at affordable prices throughout the country. Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh chaired the weekly meeting of the National Price Monitoring Committee (NPMC) that was held at the Finance Division. NPMC reviewed the price trend of essential commodities especially wheat flour, sugar, vegetable ghee, chicken and eggs during the last week. The weekly SPI recorded a slight increase of 0.55% whereas prices of 08 basic items registered a decline and 18 commodities remained stable during the week under review. Read More...
Easypaisa introduces WhatsApp channel support for enhanced customer experience
Easypaisa, Pakistan’s leading digital payments platform, is transforming customer experience with WhatsApp channel support. This initiative enables users to access an interactive, automated support channel 24/7 on a dedicated WhatsApp number +923411103737. With instant replies and the ability to operate without any available human interaction coupled with pre-defined interaction rules to facilitate users, Easypaisa’s WhatsApp support is a first of its kind initiative for any branchless banking player in Pakistan. Easypaisa has always been the first to introduce revolutionary features and tools to the financial ecosystem in Pakistan. With WhatsApp support, smartphone users can easily find answers to their queries on various topics including how to order an ATM card, how to link debit cards to your Easypaisa account, how to apply for a loan, how to reset Easypaisa account PIN and how to create an ATM pin, to name a few.Read More...
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