Morning Market Brief 17th Jun 2022

Technical Overview

The Benchmark KSE100 index had continued its bullish journey during last trading session and succeeded in penetration above its initial resistant region of 41,500pts. As of now daily momentum indicators have changed their towards bullish side and it's expected that index would start the day with a positive note and it would try to target 42,015pts where it would face initial resistance from a horizontal resistant region, breakout above this region on daily closing basis would open doors for 42,300pts in coming days therefore buying on dip is recommended to day trading or very short term trades. While on flip side in case of bearish pressure index would try to establish ground between 41,500pts-41,360pts region and breakout below this region would call for 41,000pts. Overall sentiment would remain bullish as long as index is trading above 40,760pts. Today's closing with positive note will strengthen bullish sentiment.

WTO strikes global trade deals deep into overtime

The World Trade Organization's164 members approved a series of trade agreements early on Friday that included commitments on fish and pledges on health and food security after more than five gruelling days of negotiations.The deals were ground out over five days of bargaining at a conference of more than 100 trade ministers that was seen as a test of the ability of nations to strike multilateral trade deals amid geopolitical tensions heightened by the Ukraine war.Delegates cheered after they passed the package of six agreements just before dawn on Friday.Director-General Ngozi Okonjo-Iweala told them: "The package of agreements you have reached will make a difference to the lives of people around the world. The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time.Earlier she had appealed to WTO members to consider the "delicate balance" required after nearly round-the-clock talks that were extended for an extra two days and have at times been charged with anger and accusations.Read More...

Business News

Business leaders warn of ‘very tough’ days ahead after third diesel shock

The business community on Thursday feared very tough days ahead for consumers, warning of a sharp increase in the prices of food items due to the unprecedented increase in diesel rates in the last 20 days.They said the real impact of the diesel price hike, which went from Rs144.15 per litre on May 16 to the current Rs263.31, would be visible in the next four to eight weeks in the Consumer Price Index (CPI).Shabbir Hassan Mansha, Acting President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said the increase in the petrol price by Rs24.03 per litre and Rs59.16 per litre in diesel would crush the masses. The government has raised petrol prices by Rs84 per litre and diesel prices by Rs144 per litre in the last 20 days.Read More...

Miftah refuses to clear dues of fertiliser sector

Minister for Finance Miftah Ismail on Thursday declined to clear pending dues of Rs80 billion of the fertiliser sector but assured that their issues would be resolved as the government has almost streamlined the petroleum industry.In a meeting with Fertiliser Manufacturers of Pakistan Advisory Council (FMPAC) along with Federal Minister of Industries Makhdoom Syed Murtaza Mehmood, the finance minister clearly declined to clear the pending dues due to the economic crunch facing the country.Given the current fiscal challenges, the finance minister informed the fertiliser sector that there was no way forward in clearing the outstanding subsidy and sales tax.However, he added that to stop further bleeding of the industry, a sales tax exemption may be granted to urea. “This would mean no output sales tax and input sales tax to become part of the urea bag and its cost,” Mr Islmail said.Read More...

Sindh Excise Deptt’s Road Checking Campaign Comes To End

A total of 69,020 vehicles were checked across the province till the end of the road checking campaign for tax collection from tax defaulting vehicles. According to the details received here on Thursday, 17992 vehicles were checked in Karachi, 23194 in Hyderabad and 6991 in Sukkur, while 9136 vehicles were checked in Larkana, 7035 in Mirpurkhas and 4402 in Shaheed Benazirabad. As many as 3838 vehicles were seized for various reasons while documents of 5984 vehicles were also confiscated during the road checking operation. Till the end of 31st day, a total tax of over Rs. 7 crore and 55 lakhs was collected. Provincial Minister for Excise, Taxation and Narcotics Control Department Mukesh Kumar Chawla said that the campaign to collect tax from tax defaulting vehicles across the province has come to an end successfully. Tax defaulters can get their tax information on the Excise Department’s website www.excise.gos.pk.Read More...

Minorities’ Rights, Places Of Worship To Be Protected, Says CM Murad

A delegation of Catholic Board of Education led by Father Mario Rodrigues called on Sindh Chief Minister Syed Murad Ali Shah and discussed different issues, including repair of St Patrick’s Cathedral Church, Saddar Karachi.ather Mario told the Chief Minister that St Patrick’s Church was built in 1818 now it needed some necessary repairs while the Chief Minister issued directives to his Principal Secretary Fayaz Jatoi to get it done through a scheme, said a statement on Thursday. Father Mario said that Catholic Board was running 40 schools in the city. He added that these schools were imparting quality education but due to some issues these schools were facing some financial issues. At this the Chief Minister said that he would direct the education department to resolve their issues on priority basis. Another issue which came under discussion was St Patrick’s high school building’s repair. Father Mario said that it was an old building and had been declared as heritage, therefore it could not be repaired without the permission of the heritage committee. The Chief Minister said that the school building would be repaired through Endowment Fund Trust by meeting all the required formalities on priority basis. Father Mario thanked the Chief Minister Syed Murad Ali Shah for his unflinching support and patronage.Read More...