The Benchmark KSE100 index had continued its bullish journey during last trading session and succeeds in closing above its major resistant region of 46,200pts on daily and weekly charts. As of now it's expected that index would try to target 46,420pts initially and breakout above this region would call for 46,600pts where a resistant trend line would try to cap current bullish sentiment. It's recommended to post trailing stop losses on existing long positions because index may show some volatility around 46,600pts. Daily closing above this region would change market sentiment on short term basis which may lead index towards 46,860pts and 47,200pts. While on flip side in case of any pressure index would try to establish ground above 45,934pts where a horizontal supportive region would try to pump some fresh volumes in index but breakout below this region would push index towards 45,500pts. Overall sentiment would remain bullish as long as index is trading above 45,200pts.
Regional Markets
Election surprise lifts Nikkei, Fed keeps dollar bid
Stocks edged higher on Monday, led by a post-election jump in Japan's Nikkei, though bonds wobbled and the dollar firmed as traders braced for central bank meetings in Britain, Australia and the United States to define the rates policy outlook.Japan's Nikkei rose 2.3% to a one-month high after Prime Minister Fumio Kishida's Liberal Democratic Party did better than expected at Sunday's election, with exit polls showing the party easily retaining a majority.Trade elsewhere was more muted, with MSCI's index of Asia-Pacific shares outside Japan up marginally.
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Business News
Power sector discourages efficiency, affects businesses: report
With more than 1.2 million applications pending for new connections despite surplus generation capacity, loadshedding remains prevalent in Pakistan where the existing electricity framework discourages efficiency while business as usual has become unsustainable.This has been concluded by Prime Institute, a private sector think tank, in its latest “State Owned Electricity Distribution Companies — A 5-year Performance Review” that finds unsatisfactory performance of state-owned power sector Discos and policy reforms.
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An easy tax target
Banks are viewed as villains across the world. But these villains can sometimes also be victims. In Pakistan, banks have been on the receiving end for some years now owing to the government’s need to enhance its tax revenues without broadening the net, as well as its demands from bankers to invest in the rulers’ political ambitions.The corporate tax rate for banks is 35 per cent — or 6pc higher than 29pc for non-banking businesses.
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Rumble and grumble mark Sindh’s performance
AWAY from the noisy rallies and street politics elsewhere, members of Chief Minister Murad Ali Shah’s team in Sindh remain busy making reports, circulating agendas, pushing files, shuttling between departments, exchanging notes or discussing current affairs. The fact is that they are perhaps a bit too busy within the confines of their offices to really see where the province is headed.There is no dearth of those who insisted, while talking to Dawn, that a change was in the offing, as the provincial cabinet “fortnightly reviews and tracks development project, removes irritants and streamlines timely funding to ensure timely completion”.
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Balancing consumption with exports, investment
Inflation has become headache number one for the government. Underneath high inflation sits increasing demand for goods and services. What triggered this giant wave of insatiable demand was the government’s desire to boost Pakistan’s economic growth rate.Accelerating economic growth primarily through private consumption and, to a lesser extent, via increased government spending is not bad. In fact, it is desirable. However, if policymakers remain fixated on the model of consumer-led economic growth ignoring the role of investment and net exports that is surely bad for long-term GDP growth and development.
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