Technical Overview
The Benchmark KSE100 index had faced rejection from a horizontal resistant region during last trading session and impact of previous morning star have not got confirmation which converted it into a cheat pattern. Currently index have completed correction of its last bullish pullback therefore index may show some volatile moves today. For day trading index would try to establish ground above 45,980pts-45,900pts during current trading session and bearish breakout below this region would convert current sentiment towards bearish side. While on flip side index would face initial resistance at 46,430pts where its being capped by a horizontal resistant region and breakout above this region would call for 46,800pts. Overall index would remain under pressure as long as its trading below 46,700pts.
China Evergrande sells entire stake in streaming platform HengTen for $273 mln
Cash-strapped developer China Evergrande Group said on Thursday it is selling its entire stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion.Evergrande, the world's most indebted developer, said it would realise a loss of HK$8.5 billion from the sale of its stake in HengTen, in which Chinese gaming and social media giant Tencent Holdings holds around a 20% share.The Shenzhen-based real estate company has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.Read More...
Business News
CCOE to consider gas load management plan for winter season today
The Cabinet Committee on Energy (CCOE) will today (Thursday) consider the gas load management plan for the winter season as the Sui gas companies have proposed complete shutting down of gas supply to CNG, non export general industry and captive power plants for two months.To protect the domestic and commercial sectors from severe gas shortages in the winter season both the Sui companies have proposed mitigation plan which will be considered by the CCOE in the meeting for approval, official source said.The SNGPL has also proposed that within next three months.Read More...
Prime for embracing free market policies
PRIME has organised a conference “Pakistan Prosperity Forum 2021” with an objective to gather economists, business experts and policy makers to assess the existential challenges and possible way outs to put country on a path of growth and prosperity.The most pertinent issues prevalent in the country are role of state in the economy, promotion of economic activities and overhaul of our taxation and tariff system.Dr. Arthur B. Laffer, the renowned supply side economist, expressed his views on Pakistan economic prosperity as “Pakistan should be where it could be.Read More...
Govt to introduce whistle blower concept in essential commodities to discourage hoarding
The government has decided to introduce whistle blower concept in essential commodities to discourage hoarding and price control in the country.Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin, while chairing a meeting of National Price Monitoring Committee (NPMC), has shared the idea of introducing whistle blower concept in essential commodities to discourage hoarding and price control.He said that the government has firm commitment to prevent hoarding, therefore, a whistle blower against hoarders law shall be introduced and enforced soon.Read More...
New SBP amendment not linked to IMF terms: Farogh
The joint session of parliament on Wednesday approved an amendment to the State Bank of Pakistan (SBP) Banking Services Corporation Ordinance 2001 to enable the central bank to meet emerging operational needs of the banking sector.However, the amendment is different from the bill to grant autonomy to the State Bank, which is under negotiations with the International Monetary Fund.For the past few days the opposition has been criticising the government for planning to bring a bill to grant autonomy to the SBP in line with IMF dictations.Read More...
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