Morning Market Brief 30th April. 2021
Technical Overview
The Benchmark KSE100 index had tried to establish ground above a strong horizontal supportive region which fall at 74.6% correction of its last bullish rally during last trading session. As of now index is being supported by an ascending trend line inside its triangle as well along with this object therefore it's expected that index would try to start a pull back during current trading session for intraday basis therefore buying above 44,550pts with strict stop loss of 44,250pts could be beneficial, in case of breakout below 44,250pts index may slide further downward till 43,900pts. While on flip side in case of reversal index would face initial resistance at 45,000pts which would be followed by 45,200pts and 45,500pts. Daily momentum indicators are still in bearish mode but hourly stochastic is ready for a pullback therefore this element would fuel aspects of intraday reversal. Overall index is being caged in a tight range between 44,500pts to 45,500pts and its recommended to wait for breakout of either side before initiating new positions for short term trading.
Regional Markets
Wall Street ready to toast a New York revival but trade business suits for leisure wear
Wall Street financiers let out a cautious cheer on Thursday after hearing New York City aims to fully reopen on July 1, craving the meetings and meals of work life before the pandemic, but also loathing the grind of mass transit, packed office elevators and conventional business attire. New York City Mayor Bill de Blasio on Thursday announced his intention to get things back to normal. New York Governor Andrew Cuomo, who controls reopening decisions, voiced optimism it might happen even before July 1. If their timelines hold up, some Wall Street workers look forward to frequenting the restaurants, bars, workout studios and entertainment venues that they have missed. "After more than a year in isolation, I am prepared to have drinks with just about anyone who breathes," said Kai Liekefett, who defends corporations against hedge fund managers pushing for changes as co-chair of law firm Sidley Austin's Shareholder Activism Practice.Read More...
Business News
Advisory committee approves recommendations for NGMS sale
Advisory committee for the release of Next Generation Mobile Services Spectrum has approved the recommendations for the sale of NGMS. Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin presided over the meeting of the advisory committee for the release of Next Generation Mobile Services (NGMS) Spectrum at the Finance Division. The chairman PTA briefed the advisory committee about the arrangements underway for the sale of available Spectrum of Next Generation Mobile Services in the country. A detailed presentation was made about the specifications of available spectrum bands and methodology for sale in line with international best practices. The newly hired consultants also gave a detailed input and answered the technical queries by the members of the committee. Read More...
Hungarian trade minister to visit Pakistan today
Minister of Foreign Affairs and Trade of Hungary, Peter Szijjarto will pay an official visit to Pakistan today (Friday) on the invitation of Foreign Minister Shah Mehmood Qureshi. On his maiden visit to Pakistan, Foreign Minister Szijjarto will be accompanied by a high-level business delegation comprising over 20 leading businessmen to explore business opportunities in Pakistan, said a foreign ministry statement. Besides one-on-one meeting with Foreign Minister Qureshi, the Hungarian foreign minister will also have delegation-level talks. The talks will review the existing bilateral relations and chart the way forward for taking the relationship to the next level. The two foreign ministers will particularly focus on enhancing cooperation in bilateral trade, economy and other potential areas such as agricultural research and food industry, environment industry including waste and water resource management, science and engineering technology, and higher education.Read More...
USA, UK, China top three destinations of Pakistani exports in 3 quarters
United States of America (USA) remained the top export destination of the Pakistani products during the first three quarters of financial year (2020-21), followed by United Kingdom (UK) and China. Total exports to the USA during July-March (2020-21) were recorded at $3563.734 million against the exports of $3103.817 million during July-March (2019-20), showing growth of 14.81 percent, according to State Bank of Pakistan (SBP). This was followed by UK, wherein Pakistan exported goods worth $1507.344 million against the exports of $1281.073 million last year, showing increase of 17.66 percent. China was the at third top export destination, where Pakistan exported products worth $1407.743 million during the months under review against the exports of $1298.531 million during last year, showing decline of 8.41 percent, SBP data revealed.Read More...
Forex reserves rise by $307.4m
The foreign exchange reserves held by the country increased by $307.4 million to $23.52 billion as compared to $23.212 billion on weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 23, the foreign currency reserves held by the SBP were recorded at $16.427 billion compared with $16.044 billion in the previous week. According to the central bank, the increase came on the back of official inflows. The net reserves held by commercial banks amounted to $7.092 billion.Read More...
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