Morning Market Brief 17th Aug . 2021

Technical Overview

The Benchmark KSE100 index had continued its bearish journey towards 100% expansion of its last bearish correction on hourly chart and bounced back after getting support from supportive trend line of its bearish price channel before day end yesterday. A morning shooting star have been formatted on hourly chart therefore it's expected that index may try to bounce back toward its resistant regions during current trading session, meanwhile hourly momentum indicators have changed their directions towards bullish side therefore it's recommended to start buying on dip for day trading. Overall a volatile session could be witnessed during current trading session as index may swing between 47,290pts-46,500pts. Initially index may try to target 47,065pts where it's being capped by a strong horizontal resistant region and breakout above this region would call for 47,290pts. While on flip side index would initially try to establish ground above 46,660pts and breakout below this region would call for 46,500pts and 46,300pts.

Regional Markets

Durst testifies at L.A. trial to chopping up one body, abandoning another

Real estate heir Robert Durst testified to chopping up the body of a Texas neighbor he killed in self-defense and to abandoning the body of his best friend after discovering her dead in her Beverly Hills home during his Los Angeles murder trial on Monday.Testifying in his own defense on the charge of murdering his friend Susan Berman, Durst admitted leaving both crime scenes, each time making an initial attempt to call the 911 emergency number before deciding against it.But the ailing 78-year-old again denied the crime for which he is on trial - killing Susan Berman in December 2000.Read More...

Business News

Finance minister for accelerating import of wheat, sugar

The government would build the strategic reserves by importing 10-20 percent of the total consumption of the staple food items and supply into the market when needed in order to bridge the supply and demand gap.This was agreed in a meeting of Federal Minister for Finance and Revenue Shaukat Tarin with the Federal Minister for National Food Security & Research Syed Fakhar Imam and Special Assistant to Prime Minister (SAPM) on Food Security Jamshed Cheema to review the price trend of essential commodities.SAPM on Food Security Jamshed Cheema briefed the finance minister on building strategic reserves of essential commodities namely wheat, sugar, pulses, edible oil/ghee, tomatoes.Read More...

ECC approves continuation of electricity, gas subsidy for export-oriented sectors

The Economic Coordination Committee (ECC) of the Cabinet on Monday has extended marginal tariff of Rs12.96 per unit for all industrial power consumers on incremental consumption till end of December this year.The ECC approved a summary presented by the Power Division for extension of incremental consumption package for K-Electric industrial consumers of X-WAPDA DISCOs & K-Electric and application of incremental consumption package for BI(Non ToU) consumers of X-WAPDA DISCOs and K-Electric at the rate of Rs.12.96/kwh from 1st July 2021 to 31st December 2021. The Power Division stated that industrial support package has resulted in substantial growth in consumption of electricity - 4.29 percent in November 2020 to around over 18 percent in June 2021.Read More...

FBR fixes domestically produced white crystalline sugar price at Rs72.22/kg

The FBR has fixed the domestically produced white crystalline sugar price at Rs72.22 per kg.The FBR has issued notification dealing with the fixation of value of sugar for the assessment of sales tax at the domestic. “In exercise of the powers conferred by the first proviso to clause (46) of section 2 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to fix the ex-mill value of white crystalline sugar,” said a notification issued by the FBR. It has fixed domestically produced white crystalline sugar price at Rs72.22 per kg.Read More...

Export sector to enjoy subsidised tariff for another year

The Economic Coordination Committee (ECC) of the cabinet on Monday extended subsidised flat electricity and gas rates to the export sector for another year and cheaper power rates to all industrial consumers for the next six months on incremental consumption.The ECC meeting presided over by Finance Minister Shaukat Tarin, however, constituted a subcommittee to rationalise use of energy inputs and ensure that export industries do not misuse cheaper gas for internal power generation and further sale.Read More...