Morning Market Brief 12th Nov. 2021

Technical Overview

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 shares advance as inflation worries fade to background

Asian share prices advanced on Friday as a shock from a surprisingly strong U.S. inflation reading ebbed, with investors now hopeful that the worst price hikes could be soon over. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7% to reach its highest level in two weeks while Japan's Nikkei gained 1.1%, helped by brisk earnings. U.S. stock futures were up about 0.3% after a mixed session on Thursday when the S&P 500 ended 0.06% higher while tech-heavy Nasdaq rose 0.52%.Read More...

Business News

Foreign investors ask Pakistan to deregulate energy chain

Influential foreign investors have asked Pakistan to deregulate every segment of the energy chain as early as possible and ensure sanctity of contracts currently being tampered with in the upstream petroleum sector to protect business confidence in the country. Speaking at a news conference, Overseas Investors Chamber of Commerce and Industry (OICCI) representatives — Abdul Aleem, Ghias Khan and Asim Murtaza — advocated complete liberalisation and transformation of the monopolistic power and gas market into a multi buyer-seller marketplace to let the private sector bring in necessary competition and efficiencies.Read More...

Nepra mulls 20 paisa per unit cut in tariff adjustment

The National Electric Power Regulatory Authority (Nepra) is likely to absorb about 20 paisa per unit reduction in quarterly tariff adjustment in various tariff increases. The regulator on Thursday conducted a public hearing on a petition of the Central Power Purchasing Agency (CPPA) for refund of paisa 20 per unit to consumers of power Distribution Companies (Discos) under the Quarterly Tariff Adjustment (QTA) for the fourth quarter of fiscal year 2020-21 (4QFY21), determined for various items and reserved its judgement.Read More...

7th meeting of Pakistan-Russia Inter-Govt Commission from 24th

Pakistan and Russia would hold the 7th meeting of Inter-Government Commission on November 24 – 26, 2021 in Yekaterinburg, Russia. Federal Minister for Economic Affairs Omar Ayub Khan chaired a high-level meeting to discuss agenda of the upcoming meeting of Pakistan-Russia Inter-Government Commission on Trade, Economic, Scientific & Technical Cooperation. The 7th meeting of Pak-Russia IGC will be held in Yekaterinburg, Russia on 24 – 26 November, 2021. Omar Ayub Khan, Federal Minister for Economic Affairs, and Nikolay Shulginov, Minister for Energy of the Russian Federation, are the co-chairs of Inter-Government Commission.Read More...

Soomro chairs review meeting on privatisation progress

Federal Minister Mohammedmian Soomro on Thursday said that despite challenges we have to move ahead swiftly and consultation with line ministries/divisions should be on fast track basis to expedite the ongoing privatisation transactions and identification of new ones. He made these remarks while chairing a review meeting on privatisation progress. Secretary and senior officials of the Ministry attended the meeting. The federal minister was briefed about the on-going transactions and the possible dates of the completion. The privatisation is a complex process where the consultation with line ministries is indispensable to remove the bottlenecks for problem free sale of entities.Read More...