The exhausted sellers also support the trend reversal, I am not worried of decreasing volume and foreign investor’s positions; I also believe Market will not take any pressure of Taliban and the operation against extremist.
Market is only concern to current development on President’s US visit, and investors are waiting for updated US policy for Pakistan, we are also having good news regarding the 12th may strike. As per my experience Friday behavior was mostly because of the fear of 12th may and as it was last trading day, that’s why most of the traders try to offload their positions. The volumes were squeezed because the institutions were sitting out of the ground and local investors were shy of the situation. For me the upcoming big event for the market will be Budget.
We will see the great participation of local investors this week.
Stay away from rumors and I will not recommend any short this time, I encourage investors for timely buy, add positions on all major supports.
Good prospects for refineries, Cement, Bank and Funds
Market Technically:
Market Bullish zone for the week can be 7180 to 7527
Market must close around 7150 on Monday to remain bullish
As we the strike call is taken off so we can add more points to the market
Market Newsroom:
Shells profit declines in first quarter:
Shell Pakistan Limited has earned Rs 374.140 million as profit after tax in the first quarter ended March 31, 2009 as compared to Rs 962.319 million in the corresponding period in 2008. The board of directors of the company in its meeting held on Wednesday declared that the companys earning per share stood at Rs 5.46 in the period under review against Rs 14.05 in the same period a year back.
Non-performing loans hurting banks severely
Target set in Trade Policy at $22 billion unachievable
SBP chief leaves for Dubai for IMF talks
ISLAMABAD (updated on: May 09, 2009, 20:24 PST): Managing Director Pakistan Electric Power Company (PEPCO) Tahir Basharat Cheema on Saturday said that feasibility study of Tarbela IV extension project has been completed and the development work will be started soon to generate 900 MW electricity.
Wheat production expected to break records. Labourers unload wheat from a delivery van at a Wheat Procurement Centre.—APP ISLAMABAD: Wheat production in the country appears set to surpass even the most optimistic of estimates.
Meezan Bank takes part in Wheat Procurement Financing for Government of Punjab
Very constructive’ talks in Washington will bring additional support from the international community: US State department. WASHINGTON: The US State Department said on Friday that `very constructive’ and `very substantive’ talks held in Washington this week would bring additional support for Pakistan from the international community. The department’s spokesman Robert Wood said the Obama administration was also urging US lawmakers and their staff to work quickly to provide economic support to the government of Pakistan.
US Agri Dept to aid Pakistan, Afghanistan: WASHINGTON (APP) – Agriculture Secretary Tom Vilsack Friday announced plans for $27.5 million in international assistance under US Department of Agriculture’ s Food for Progress Program for Pakistan and Afghanistan.
Pressure on balance of payments
WB survey portrays dismal export growth
ISLAMABAD: World Bank (WB) warned Pakistan’s exports are likely to continue to fall sharply in 2009, which will translate into a decline in Pakistan’s export growth. This will put pressure on Pakistan’s external balance and complicate growth recovery, according to WB’s Pakistan Economic released recently.
Budget to be placed on 4 pillars to bail economy out of crisis: ISLAMABAD: The forthcoming federal budget 2009-10 would be based on four pillars aimed at reducing macroeconomic imbalance, improving equity and efficiency of public finances, enhancing competitiveness of economy and improving social safety nets, official sources told Daily Times on Friday.
According to a World Bank analysis, Pakistan’s macroeconomic imbalances are rooted in the sharp rise in international prices of oil and food in 2007-08, combined with policy inaction and internal political turmoil. To avoid a balance of payments crisis and default on foreign debt payments, the authorities developed the stabilisation programme, which was supported by the IMF through a 23-month Stand-By Arrangement (SBA) in November 2008. The programme includes a medium-term macroeconomic framework with fiscal and monetary tightening to bring down inflation and reduce the external current account deficit to sustainable levels. At the first quarterly review of the SBA in February 2009, the stabilisation programme remained on track.
Disclaimer
This report is prepared solely for information and data purposes. The above is not recommendation to buy or sell. We accept no liability whatsoever for any loss arising from any use of these levels. However the author DOES NOT GUARANTEES the accuracy of information provided on this report and is NOT RESPONSIBLE FOR ANY ERRORS AND/OR OMISSIONS.
