Morning Market Brief 16th jul. 2021

Technical Overview

The Benchmark KSE100 index had tried to start a recovery phase during last trading session but again faced rejection from a horizontal resistant region on hourly chart and hourly momentum indicators have turned their direction towards bearish side. Meanwhile index is being caged in a triangle on daily chart and its being capped by resistant trend line of that triangle on daily chart. It's recommended to stay cautious until index gave a breakout of this triangle in either direction to initiate new positions for short term trading. Currently it's expected that index would try to take a spike towards 47,800pts where it would face initial resistance from a descending trend line and if it would not succeed in giving a breakout of that trend line then selling pressure from intraday traders would try to push index back in negative zone, but breakout above this region would call for 47,930pts and 48,065pts. While on flip side index would try to establish ground above 47,350pts initially in case of bearish pressure and breakout below this region would call for 47,200pts. Overall daily closing below 47,350pts would turn short term trend towards bearish side for coming days.

Regional Markets

Tesla registrations in California surge 85% in second quarter - data

vehicle registrations in California rose more than 85% in the second quarter versus last year, largely due to the success of the company's Model Y, according to data from Cross-Sell, a research firm that collates title and registration data.The automaker posted record vehicle deliveries for the April-to-June quarter earlier this month, as it dealt with a semiconductor shortage and relied on sales of its cheaper models.California registrations for the Model Y, Tesla's electric crossover utility vehicle, jumped more than sevenfold to 13,581, Cross-Sell data showed on Thursday.Read More...

Business News

Shaukat Tarin invites German enterprises to invest in Pakistan

JFinance Minister Shaukat Tarin on Thursday invited the German enterprises for making investment in Pakistan in the fields of health, education, agriculture and power sector.He assured all possible support and facilitation in improving the trade and economic relations between the countries. Bernhard Schlagheck, Ambassador of the Federal Republic of Germany, called on Federal Minister for Finance and Revenue Shaukat Tarin at the Finance Division. SAPM on Finance and Revenue Dr. Waqar Masood was also present during in the meeting.Read More...

NA body expresses concern over Benami Act’s execution by FBR

National Assembly Standing Committee on Finance and Revenue on Thursday has expressed concerns over the process of execution of Benami Act by the Federal Board of Revenue (FBR) at ground level. National Assembly Standing Committee on Finance and Revenue meeting was held under the chairmanship of Faiz Ullah, MNA. Chairman FBR briefed the Committee about the action taken by the FBR on the implementation of Benami Act. He said that 500 cases were identified out of which fifty-five (55) references have been launched. The Committee members expressed their concerns over the process of execution of Benami Act by the Federal Board of Revenue at ground level.Read More...

Pakistan yet to avail full benefits of EU trade opportunities: Envoy

Pakistan has yet to avail full benefits of trade opportunities being offered by the European Union, stated Ambassador of European Union Androulla Kaminara in a meeting organised by the chairman and Members of the Board of Pakistan Council of Foreign Relations at the residence of the Secretary General Ahsan Zubairi.According to Ms. Kaminara, Pak-EU relations go back to several decades and have evolved into strong political and commercial ties. The EU’s relationship with Pakistan goes beyond trade. They are also focused on the reconstruction process in Afghanistan, continuation of dialogue with India, promotion of human rights, democracy, education, health, human development, poverty reduction and evolution of technology.Read More...

Planning Commission washes its hands of National Logistics Cell

The Planning Commission has expressed its inability to “rein in” the National Logistics Cell and suggested the cabinet division place it under control of the communications ministry.Hamed Yaqoob Sheikh, the secretary to the commission, informed the Public Accounts Committee recently that the NLC was beyond the control of his ministry as “they do not share details even about audit-related paras in meetings of the departmental accounts committee”.The PAC noted that almost all the audit paras were left untouched in the DAC meetings and advised the NLC, its auditors and the secretary to the Planning Commission to examine these in the coming DAC meeting.Read More...