Morning Market Brief 10th Aug . 2021

Technical Overview

The Benchmark KSE100 index seems in expansion mode of its last bearish correction and right now its heading towards 46,900pts where it would try to establish ground above a horizontal supportive region but it's recommended to stay cautious because if index would not succeed in maintaining above 46,900pts then it may try to target 46,660pts and 46,200pts in coming days. While on flip side in case of bullish pull back index would face initial resistance at 47,390pts where its being capped by a strong horizontal resistant region, breakout above this region would call for 47,600pts and 47,730pts. Daily momentum indicators are moving downward and they have generated a strongly bearish sentiment therefore it's recommended to adopt selling on strength strategy with strict stop loss of 47,600pts. Overall a volatile session could be witnessed during current trading session and index would try to swing between 46,900pts and 47,500pts, breakout of either side would call for a rally of 300-500pts in respective direction.

Regional Markets

U.S. Senate confirms Homendy to head transportation safety board

The U.S. Senate on Monday confirmed Jennifer Homendy by voice vote to chair the National Transportation Safety Board, the independent federal agency charged with investigating all civil aviation and other transportation accidents.Homendy, 49, has served on the board since August 2018 and previously was a senior legislative staffer working on transportation issues.She was the on-scene board member during the investigation into the January 2020 helicopter crash that killed Los Angeles basketball great Kobe Bryant.Read More...

Business News

Paapam reiterates demand of tractor industry’s Rs6b refunds’ early payment

The Federal Board of Revenue (FBR) and its sub-organs have been creating unfair hurdles and using delaying tactics to clear the billions of rupees’ sales tax refunds of the tractor industry despite the full assurance of the Ministry of Industries and Production and FBR’s high-ups.According to a Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) press statement issued here on Monday, a high-level delegation of the PAAPAM, comprising Chairman Abdul Rehman Aizaz and the Senior Vice Chairman Abdur Razzaq Gauhar, called on Federal Minister of Industries and Production Khusro Bakhtiar and Secretary Industries and Production Dr Hamid Ateeq Sarwar to seek support in this regard.Read More...

Minister reviews progress on Tarbela hydropower project’s 5th extension

Federal Minister for Economic Affairs Omar Ayub Khan chaired a high-level meeting to review the progress of Tarbela Hydropower Project (T5).The World Bank has provided $ 390 million for 5th extension of Tarbela Hydropower Project which will generate 1410mw electricity. Asian Infrastructure Investment Bank (AIIB) has also committed to provide $ 300 million for this project. The representatives of Water & Power Development Authority (Wapda) informed that the contract for electro-mechanical works of 5th Extension of Tarbela HPP has recently been awarded to a joint venture through an international competitive bidding.Read More...

NPMC for expediting import of 0.6 million metric tonnes of sugar

National Price Monitoring Committee (NPMC) on Monday directed to expedite the import of 0.6 million metric tons of sugar to ensure smooth supply across the country.Federal Minister for Finance and Revenue, Shaukat Tarin chaired the meeting of National Price Monitoring Committee (NPMC) held at the Finance Division. While reviewing the current market price and stocks of sugar, the finance minister constituted a sub-committee comprising of Secretary Ministry of NFS&R, Secretary M/o Industries & Production, chairman FBR, chairman TCP and a representative of the Ministry of Commerce to expedite import of 0.6 million metric tons of sugar to ensure smooth supply across the country.Read More...

Govt seeks Nepra’s nod to phase out power subsidy

The government on Monday asked the National Electric Power Regulatory Authority (Nepra) to immediately approve first part of its three-phased subsidy rationalisation plan envisaging creation of four new tariff slabs and a slight expansion in the definition of lifeline consumers to 100 units per month for gradual reduction of electricity subsidies.Nepra conducted the public hearing on the subsidy rationalisation plan that has been agreed to with the lending agencies – the World Bank and the International Monetary Fund.Read More...