The Benchmark KSE100 index had tried to show some recovery during last trading session but it's still being capped by two strong resistant regions at 46,930pts and 47,200pts therefore it's recommended to stay cautious as long as its trading below 47,500pts. Currently daily momentum indicators are still bearish therefore it's expected that index may show some serious dip in coming days if it would not succeed in recovering above 47,200pts. For current trading session it's expected that index would face strong resistance at 46,770pts and it would start sliding downward on intraday basis after facing rejection from this region which may lead index initially towards 46,270pts and breakout below this region would all for 45,950pts therefore it's recommended to adopt selling on strength for day trading and if index would succeed in closing below 45,900pts then its next targets would be 45,500pts and 45,200pts.
Regional Markets
Asian stocks slump, dollar shines as inflation fears flare
nflation fears pressured Asian stocks and buoyed the dollar on Thursday after data overnight showed U.S. consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.Nominal U.S. Treasury yields shot higher, with that on the benchmark 10-year note leaping by the most since February, while real yields, which take inflation into account, dipped to record lows.Gold jumped to a five-month high and bitcoin hit a record as investors sought inflation hedges.Oil pulled back sharply from near seven-year highs after U.S. President Joe Biden said his administration was looking for ways to reduce energy costs.
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Business News
Carmakers hike prices on higher freight, weak rupee
The decrease in auto prices announced with much fanfare in the second week of July following a cut in duties and taxes in the federal budget barely lasted four months, with assemblers hiking up prices sharply in recent days.Back in July, auto assemblers had slashed prices by Rs62,000-400,000 on various locally-assembled cars and SUVs.However, since the beginning of November, auto prices have seen a sharp increase as assemblers blame rising freight rates, container shortages, expensive raw materials and falling rupee against the dollar for the latest increase.
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November RLNG price 105pc higher than last year
The Oil & Gas Regulatory Authority (Ogra) on Wednesday notified average sale price for Regasified-Liquefied Natural Gas (RLNG) for November at about $15.68 per million British thermal unit (mmBtu) which is almost 105 per cent higher than the same month last year and a fraction lower than October this year.The notification showed that major increase was due to expensive spot cargoes of Pakistan LNG Limited (PLL) which purchased only two cargoes for November but this shot up the average basket RLNG prices.
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Ex-mill sugar price falls in Punjab, Karachi
The ex-mill sugar price fell by nearly 29 per cent on Wednesday and officials in the finance ministry expressed the hope that the sweetener will see a considerable decline in the open market in a few days.The ex-mill price in Punjab dropped to Rs103 per kg and in Karachi to Rs105 from Rs145 per kg, Spokesperson to Adviser on Finance Muzamil Aslam told Dawn.Quoting the Punjab finance secretary, Mr Aslam said the retail price of sugar would fall further in the next few days. He said the ex-mill price in Karachi was expected to be further rationalised.
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Khusro says govt taking productive measures for SMEs’ uplift
Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar on Wednesday said the government is taking actionable and challenging steps to develop Small and Medium Enterprises (SMEs) for growth of small and medium enterprises in the country.The new SME policy will be finalised after extensive consultation with the major stakeholders of the business community, taking into account all the new aspects, he said. He said this while addressing the meeting with presidents of different Chambers of Commerce and Industries (CCI) along with Advisor to Commerce and Investment, Abdul Razak Dawood here.
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