Technical Overview
The Benchmark KSE100 index had continued its bearish rally during last trading session towards its previous resistant trend line for retesting purpose. As of now it's expected that index would try to establish ground above said trend line at 45,650pts therefore buying on dip could be beneficial for short term trading because if index would succeed in establishing ground above 45,750pts-45,650pts then it would bounce back for expansion of current bullish correction which would lead index towards 46,900pts and 47,200pts. Currently index is caged between 45,500pts-47,000pts region for mid-cycle accumulation and once it would succeed in closing above 47,000pts on daily or weekly basis it would start a sharp bullish rally. While on flip side in case of failure in maintaining above 45,500pts index would start sliding towards 44,200pts and 43,900pts therefore it's recommended to post strict stop loss at this region and adopt cut and reverse strategy on bearish breakout of 45,500pts.
Most Asian indexes gain ground on U.S. yield drop, but Chinese stocks fall
Mainland China and Hong Kong stocks fell on Thursday, hurt by worries about the Chinese economy, but an overnight tumble in longer dated U.S. treasury yields lent support to other benchmark indexes.A 0.78% drop for Hong Kong and 0.36% decline for blue chips in mainland China pulled MSCI's broadest index of Asia-Pacific shares outside Japan 0.22% lower.But share benchmarks in Australia and Korea were up, while Japan's Nikkei rose 0.81%. Nasdaq futures gained 0.6% and S&P500 futures advanced 0.4%.The 10-year yield was last at 2.8455%, a whisker higher in Asia morning trade, but still bruised after falling overnight from as high as 2.981% in early trade on Wednesday."I think we're still heading towards 3% for 10 year treasuries, I think it was a little bit of profit taking," said Rob Carnell, head of research for Asia Pacific at ING.Carnell said the fall in bond yields may have provided some support for equities overnight, with the S&P500 broadly flat on the day despite an uglier picture for tech.Read More...
Business News
Ahsan laments slow progress on CPEC projects
Terming the China-Pakistan Economic Corridor (CPEC) a top priority, Minister for Planning Development and Special Initiatives Ahsan Iqbal on Wednesday expressed serious concern over the sluggish progress on CPEC-related projects.The minister showed displeasure over the waste of time and resources over the last four years at a meeting he presided over to review the progress on CPEC projects. The meeting was attended by secretaries of various ministries.Executive Director, CPEC, Qammar Sarwar Abbasi gave a briefing on the so-far progress in executing the projects which is a game-changer for the region.The minister directed that progress on CPEC should be reviewed twice a month and all Joint Working Groups (JWG) of CPEC to pursue their sector-specific projects and initiate work on them immediately, the Planning Commission said in a statement.Read More...
FBR launches reforms plan to improve tax administration
The Federal Board of Revenue (FBR) has launched the Inland Revenue Strategic Reform Plan (2021-25) to improve tax administration in the four strategic areas.The plan provides reform actions to improve tax administration in the four strategic reform areas which include improving tax compliance, strengthening tax administration, building institutional capacity, and reinforcing the legislative framework.The plan clearly sets the reform agenda for the four-year period from 2021-22 through to 2024-25. FBR Chairman Ashfaq Ahmed chaired the launching ceremony.The event was also attended by key officials of international donors including World Bank, IMF, Asian Development Bank, and senior leadership of FBR.Read More...
K-Electric Seeks Rs5.27 Per Unit Hike In Tariff
K-Electric has sought an increase of Rs 5.27 per unit in electricity tariff on account of fuel charges adjustments for the month of March 2022. Under the approved mechanism outlined in KE’s Multi-Year Tariff (MYT) approved by NEPRA, KE petitioned for an increase of Rs 5.27/unit to be passed on to consumers on account of fuel consumption in the month of March 2022. NEPRA will conduct public hearing on 27th April to discuss this petition. Incase NEPRA approves the KE’s petition it will have an impact of Rs 10 billion on the company’s consumers. As per the KE major impact in monthly fuel cost adjustment of March 2022 is due to increase in the prices of furnace oil and RLNG. This increase has primarily been driven by 40% increase in the price of RLNG from December 2021 (reference month) whereas the price of furnace oil in March 2022 has increased by 10% from December 2021. Fuel charge adjustment (FCA) is incurred by utilities due to global variation in fuel prices used to generate electricity and change in generation mix. These costs are passed through to the consumers following NEPRA’s scrutiny and approval.Read More...
Govt Likely To Dissolve China Pakistan Economic Corridor Authority Due To Its Poor Performance
K-Electric has sought an increase of Rs 5.27 per unit in electricity tariff on account of fuel charges adjustments for the month of March 2022. Under the approved mechanism outlined in KE’s Multi-Year Tariff (MYT) approved by NEPRA, KE petitioned for an increase of Rs 5.27/unit to be passed on to consumers on account of fuel consumption in the month of March 2022. NEPRA will conduct public hearing on 27th April to discuss this petition. Incase NEPRA approves the KE’s petition it will have an impact of Rs 10 billion on the company’s consumers. As per the KE major impact in monthly fuel cost adjustment of March 2022 is due to increase in the prices of furnace oil and RLNG. This increase has primarily been driven by 40% increase in the price of RLNG from December 2021 (reference month) whereas the price of furnace oil in March 2022 has increased by 10% from December 2021. Fuel charge adjustment (FCA) is incurred by utilities due to global variation in fuel prices used to generate electricity and change in generation mix. These costs are passed through to the consumers following NEPRA’s scrutiny and approval.The government is likely to dissolve China Pakistan Economic Corridor Authority (CPECA) owing to its poor performance and duplication of work, it was learnt reliably here.The Ministry of Planning, Development and Special Initiatives will ask Prime Minister of Pakistan Shahbaz Sharif for the dissolution of CPECA which has become a white elephant, official source told The Nation.Read More...
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