Morning Market Brief 9th Mar. 2021
Technical Overview
The Benchmark KSE100 index remain volatile during last trading session and have dropped after completing 61.8% correction of its last bearish rally but established ground above crossover of supportive trend line of its bullish price channel and a rising trend line, as of now its recommended to stay cautious because it seems that index would try to get support from same supportive regions during current trading session but currently these lines have separated themselves from each other therefore their strength have been lost. For current trading session index have supportive region ahead which fall between 44,770pts-44,500pts where it would try to establish ground above supportive trend line of its bullish price channel along with a strong horizontal supportive region, but its recommended to stay very cautious because if index would succeed in sliding below this trend channel then its next immediate supportive region would fall between 43,900pts-43,760pts and may slide further for a deeper correction. While on flip side in case of bullish reversal index would face initial resistance at 45,250pts which would be followed by 45,500pts and 45,900pts. Overall sentiment would remain bearish until index would not succeed in closing above 46,250pts. For current trading session swing trading could be beneficial with strict stop loss on both sides.
Regional Markets
Asian stocks set to firm on global recovery prospects
Asian stocks were set for a strong open on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 U.S. trillion stimulus bill, shaking off a mixed Wall Street session after a big downturn in tech shares.Australia’s benchmark S&P/ASX 200 index rose 0.92% in early trading. Japan’s Nikkei 225 futures added 0.36% and Hong Kong’s Hang Seng index futures rose 0.68%. E-mini futures for the S&P 500 rose 0.55%. On Wall Street, the Dow advanced while the Nasdaq shed over 2%. That marked a more than 10% fall since its Feb. 12 closing high, confirming a correction in the index’s value. The Dow Jones Industrial Average rose 0.97%, the S&P 500 lost 0.54%, and the Nasdaq Composite dropped 2.41%. The pan-European STOXX 600 index .STOXX rose 2.10% and MSCI’s gauge of stocks across the globe shed 0.02%. “If rates are grinding higher because people are getting optimistic about what economic growth looks like, that is still supportive for equity prices,” said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group in Minneapolis.Read More...
Business News
Committee formed to complete task of enhancing agri credit for farming sector
Finance Minister Abdul Abdul Hafeez Shaikh on Monday constituted a 5-member committee to complete the task of enhancing agriculture credit for the farming sector as directed by PM Imran Khan. The five members committee comprises of Secretary Law and Justice Division, Secretary National Food Security and Research (NFS&R), Governor SBP and other senior officials of the relevant institutions and Ministries. Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired a meeting on Agriculture Transformation Plan at the Finance Division. The meeting reviewed the progress on the directions of the Prime Minister to enhance agriculture credit for the farming sector. The Deputy Governor, SBP made a presentation on the consultative process followed with key stakeholders and detailed proposals to enhance the agriculture credit.Read More...
USA, UK, China top 3 destinations of Pak exports in 7 months
United States of America (USA) remained the top export destination of the Pakistani products during the seven months of financial year (2020-21), followed by United Kingdom (UK) and China. Total exports to the USA during July-January (2020-21) were recorded at $2680.250 million against the exports of $2440.386 million during July-January (2019-20), showing growth of 9.82 percent, according to State Bank of Pakistan (SBP). This was followed by UK, wherein Pakistan exported goods worth $1135.303 million against the exports of $1004.505 million last year, showing increase of 13.02 percent. China was the at third top export destination, where Pakistan exported products worth $1026.960 million during the months under review against the exports of $1063.818 million during last year, showing decline of 3.46 percent, SBP data revealed.Read More...
Rs9b being spent on gas transmission network’s reinforcement in KP
The Sui Northern Gas Pipelines Limited (SNGPL) is working on an extensive plan to reinforce its transmission network in parts of Khyber Pakhtunkhwa aimed at reducing Unaccounted For Gas (UFG) losses at an estimated cost of Rs 9 billion. Accordingly, the company has got approved a project from its board of directors and submitted it to the Petroleum Division and Economic Coordination Committee (ECC) of the Cabinet for extension and rehabilitation of gas network under 14 SMSs (Sales Meter Stations) in the province. “The project will help resolve the issue of widespread gas theft in high UFG areas permanently,” a senior official privy to petroleum sector developments told APP. He said the ECC had approved Phase-I of the project amounting to Rs1.945 billion for four SMSs including Shakardara, Chokara, Karak and Hangu. Under the first phase, around 476 kilometers network of different diameter pipelines would be laid to supply gas to 51 villages by installing 19,200 new domestic connections.Read More...
ECP may review plea to look into PTI employees’ accounts
The Election Commission of Pakistan’s (ECP) Scrutiny Committee auditing the ruling Pakistan Tehreek-i-Insaf’s (PTI) foreign funding will meet here on March 10 (tomorrow) and is likely to review a plea to requisition the accounts of four PTI employees who were authorised by the party’s six-member finance board to receive donations in their personal accounts in Pakistan and abroad. A documented list of the PTI’s paid employees, who were authorised to receive donations for the party from within and outside Pakistan, emerged last month. These included a telephone operator. The decision to allow the PTI employees to collect funds was taken at a meeting held on July 1, 2011. It was attended by Saifullah Niazi, the party’s incumbent chief organiser; Aamer Mahmud Kiani, present secretary general and former health minister who was removed from the federal cabinet; Dr Humayun Mohmand, who was recently appointed chairman of the board of directors of Pims (Pakistan Institute of Medical Sciences); Sardar Azhar Tariq Khan, the party’s former finance secretary and now Pakistan’s Ambassador to Kyrgyzstan; Colonel Yunus Ali Raza, and Tariq R. Sheikh.Read More...
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