Morning Market Brief 21st Sep . 2021

The Benchmark KSE100 index had continued its bearish journey during last trading session and extended its previous low towards 46,200pts region but later on a pullback was witnessed before day end. As of now hourly momentum indicators have generated bullish crossovers which indicates that index may start an intraday spike but it needs to stay cautious because this pull back would be considered as a correction of its last bearish rally until index would not succeed in closing above 46,800pts therefore it's recommended to stay on selling side and selling on strength could be beneficial for day trading. Overall a volatile session could be witnessed and index would face initial resistance at 46,670pts which would be followed by 46,830pts and 46,900pts. While on flip side index would initially try to establish ground above 46,310pts but breakout below this region would call for 46,030pts and 45,700pts in coming days. Confirmation of daily bearish engulfing pattern have taken place therefore it's expected that index may take a serious dip during current trading session. Meanwhile daily closing below 45,980pts would push index into bearish zone for short term basis.

Corporates may switch over to digital tax payments in 40 days

The Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments effective from Nov 1.An official announcement on Monday said that in the intervening period corporate taxpayers may use the traditional banking transaction methods including cross cheques, cross-bank draft, cross pay orders, or any other crossed banking instrument showing transfer of amount from the business bank account of the taxpayer in addition to digital mode of payment as long as those are compliant with the law.Read More...