Technical Overview
The Benchmark KSE100 index had faced rejection from a horizontal resistant region during last trading session and have tried to vanish impact of daily morning star, as of now it's expected that index may witness a volatile session during current trading session. Currently index would try to establish ground initially above 47,040pts where a strong horizontal supportive region would try to push index back into bullish zone, but breakout below this region would call for 46,900pts and 46,660pts. While on flip side in case of bullish pull back index would face initial resistance at 47,530pts where its being capped by a horizontal resistant region. Hourly and daily momentum indicators are ready for a bullish pull back therefore buying on dip with strict stop loss could be beneficial.
Regional Markets
Fed to unveil bond-buying taper plan next month; jobless rate to fall slowly
The Federal Reserve will announce a plan to taper its asset purchases in September, according to a solid majority of economists polled by Reuters who also said the U.S. jobless rate would remain above its pre-pandemic level for at least a year.Since the release last week of a strong U.S. jobs report, which showed an unexpectedly sharp drop in the unemployment rate to 5.4% in July, a flurry of Fed officials have suggested the U.S. central bank might start reducing its $120 billion in monthly purchases of Treasuries and mortgage-backed securities sooner rather than later.Read More...
Business News
Govt supporting e-commerce to spur economic growth: Tarin
Federal Minister for Finance and Revenue, Shaukat Tarin on Thursday affirmed his support for the growth of e-commerce industry in Pakistan and directed Daraz to propose initiatives where the government could work in collaboration with the e-commerce industry.He made these remarks while chairing a meeting with the representatives of ‘Daraz’, one of the prominent digital market-places in Pakistan. Daraz was represented by Bjarke Mikkelsen, CEO Daraz Group, Ehsan Saya, MD Daraz Pakistan, Ms Kiran Faruqi, CFO Daraz Group, and Ahmad Hassan, CFO Daraz Pakistan.Read More...
CCoCPEC allows PD to discuss additional electricity’s import from Iran
Cabinet Committee on CPEC Thursday gave go-ahead to the Power Division to discuss the import of additional 70MW to 100MW electricity from Iran to meet the power demand of Gwadar.Cabinet Committee on CPEC also allowed NTDC to change its executing agency for the construction of transmission line for connection of Gwadar to national grid to expedite the work and ensure that the project is completed by March 2023.A meeting of the Cabinet Committee on CPEC was held under the Chairmanship of Federal Minister for Planning, Development, and Special Initiatives Asad Umar here.Read More...
FBR to set up tax office in Malakand
The Federal Board of Revenue (FBR) on Thursday said it would establish its office in Malakand division for timely implementation of law in letter and spirit.In this regard, the FBR has directed the Regional Tax Office Peshawar to set up a tax office in Malakand division for prompt release of consignments, processing of consumption and exemption certificates.Besides, the FBR has already established Inland Revenue Enforcement Network check-posts and functionalised to ensure that due tax is paid at the rate of 16 per cent on goods supplied into taxable territories.Read More...
Unconditional $2.8bn from IMF due on 23rd: Tarin
Confirming that Pakistan will receive $2.77 billion ‘unconditional’ funds from the International Monetary Fund (IMF) on Aug 23, Finance Minister Shaukat Tarin on Thursday said the government would address the global lender’s concerns over its proposed Rs1.6 trillion worth of Kamyab Pakistan Programme (KPP) and take forward the $6bn Extended Fund Facility currently “in recess”.Speaking at a hurriedly called news conference after a long post-budget gap because of his health issues.Read More...
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