The Benchmark KSE100 index had continued its bearish journey after completion of 61.8% correction of its last bearish rally during last two trading sessions and had vanished impact of daily morning star. As of now it's moving downward in a bearish price channel on hourly chart and it's expected that it may try to open with a negative price gap during current trading session, in this case index may succeed in sliding below 46,900pts on intraday basis. If it would not succeed in maintaining above this region till day end today than it would start expansion of its previous correction which may lead index towards 46,600pts and 46,200pts therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. While on flip side in case of bullish reversal index would face initial resistance at 47,380pts which would be followed by 47,500pts and 47,650pts. Daily and hourly momentum indicators are trading in uncertain region and breakout of either 46,900pts or 47,580pts would push index for another 500pts-700pts in respective direction.
Regional Markets
Asia stocks off to cautious start, eye China data
Asian share markets made a cautious start to the week on Monday ahead of a raft of Chinese data that could confirm a slowdown in the giant economy, as much of the world races to stem the spread of the Delta variant of COVID-19 with vaccinations.Figures on retail sales, industrial production and urban investment are forecast to show a modest pullback in activity in China in July, a trend likely to be worsened by the recent tightening in coronavirus restrictions.
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Business News
FBR issues clarification regarding customs operations
Federal Board of Revenue (FBR) Sunday clarified that Customs operations had remained fully operational, throughout this week. FBR issued a clarification regarding disturbance in Customs Operations due to up gradation of FBR data center, said a press release issued by FBR here. Goods Declaration (GD) filing in Weboc for export has remained fully operational however due to slight glitch in Active Taxpayer List (ATL) module, import GDs filing was temporarily affected where ATL data was required as input in the Weboc system, which was restored on priority.
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Rs761m MV tax, Rs 120m property tax recovered from Karachi in July
Sindh Minister for Excise, Taxation, Narcotics Control, Parliamentary Affairs and Food Mukesh Kumar Chawla on Sunday said that Rs 761.539 million was collected from Karachi in terms of motor vehicles tax in July during the current financial year. Sharing further details, the provincial minister said that Rs. 34.628 million was collected from Hyderabad and Rs. 10.030 million from Sukkur under the head of motor vehicle tax during July 2021. Chawla further said that Rs 5.147 million was collected from Shaheed Benazirabad in terms of motor vehicle tax while Rs 7.714 million was recovered from Larkana and Rs 4.990 million from Mirpurkhas.
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Pakistan’s exports to reach $50 billion in FY 2023, says Razak Dawood
PM Adviser on Commerce and Investment Razak Dawood Sunday expressed the hope that by the last fiscal year 2023 of the current government, country’s exports would reach at $50 billion by following the policy of trade diversification in potential trade sectors and markets.Export diversification, focus on non-traditional sectors and increasing exports to new markets, including the African market, would not only enhance the volume of the country’s exports, but would also help to achieve the export targets, the adviser told this during an exclusive interview with APP.
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Roshan Digital Account inflows reach $2bn in 11 months
Foreign exchange inflows from overseas Pakistanis through the expensive Roshan Digital Account (RDA) crossed the $2 billion mark in 11 months on Monday and will now require more than Rs13.1bn subsidy to maintain its growth.“Roshan Digital Account deposits cross $2billion in just 11 months,” the State Bank of Pakistan (SBP) said in a tweet. “As Pakistanis all over the world celebrated country’s Independence Day, #RoshanDigitalAccount crosses the historical milestone of $2bn in deposits,” it added.
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