Morning Market Brief 1st jun 2021

The Benchmark KSE100 index is caged in an ascending wedge on weekly chart and its now heading towards its resistant trend line of this wedge which falls at 48,470pts but before that region index have an initial resistant region at 48,150pts therefore its recommended to stay cautious and post trailing stop loss on existing long positions but it still recommended to stay on long side and avoid short selling positions until index gave a clear reversal sign because index is in expansion mode of its previous weekly triangle inside a bullish price channel. Initially breakout above 48,150pts would call for 48,500pts and 47,730pts. While on flip side in case of reversal after facing rejection from its resistant regions index would initially try to establish ground above 47,300pts but breakout below this region would push index further downward. Both hourly and daily momentum indicators are in mixed mode therefore a volatile session could be witnessed during the day.

 

Irsa increases water release for Sindh, Punjab

The NA Standing Committee on Power has showed serious concern over the promulgation of Ordinance empowering the government to impose up to 10 per cent surcharges on the electricity consumers and said that when panel had already cleared the Nepra amendment act 2021, then what was the need to promulgate the Ordinance.The Standing Committee on Power which met under the Chairmanship of Chaudhry Salik Hussain, MNA deliberated on the Bill “The Regulation of Generation, Transmission and Distribution of Electric Power Bill, 2021” known Nepra Act. In the 2nd week of March, the NA committee through majority vote had passed the Nepra Amendment Act bill and had empowered the government to impose surcharges on the power consumers that would amount to 10 per cent of electricity cost or around 1.4 per unit.Read More...

Countries and leaders engage with each other at many different levels, the most important foreign policy decisions are typically made at the highest political spheres. Overseas visits by top officials provide unique insights into foreign policy priorities and the conduct of diplomacy.Governor Punjab Chaudhry Mohammad Sarwar was recently in Houston and met overseas Pakistanis. He reaffirmed Pakistan’s desire for a broad-based partnership with the United States that would advance the two countries shared interests in regional spheres.Heheld interactions with the Houston community at Consul General Abrar Hashmi’s residence.Ahigh-level separate meeting was held to engage pivotal overseasPakistani,Dr. Mubashir Chaudhry.Read More...

In a first for the power sector, K-Electric has launched its first Covid-19 vaccination centre on its own premises in collaboration with the government of Sindh, offering coverage to employees and eligible dependents as well. Senior officials from the government of Sindh’s Health Ministries visited the facility on Monday with KE leadership and were given an update on the progress of the employee vaccination programme. The fully equipped centres are located at KE’s certified Elander Road and Nazimabad facilities. Vaccinations are being provided and administered by government of Sindh employees free of cost. This step was taken by the utility to ensure the protection of its staff, especially its field teams, who are performing the critical task of ensuring reliable and uninterrupted power supply for Karachi and its adjoining areas.Read More...