Morning Market Brief 24th jun. 2021

The Benchmark KSE100 is moving aside a descending trend line since last three trading session and this line is trying to support index against current bearish pressure, but it's recommended to stay cautious and post trailing stop loss on existing long positions because hourly momentum indicators are in bearish mode and if index would succeed in giving breakout below 47,730pts then index would face some serious pressure which may lead index towards 47,500pts and 47,200pts. Overall sentiment would remain bullish as long as index is trading above 47,200pts and it would be considered in corrective mode. While on the other hand index would face initial resistance at 48,230pts which would be followed by 48,400pts where index is being capped by a strong horizontal resistant region. Meanwhile daily and weekly momentum indicators are already in bearish mode and these would try to add pressure on index once it would succeed in sliding below 47,730pts, currently this region have got more importance because this falls at a daily double bottom and breakout below this region would give a bearish breakout of a descending wedge on hourly chart.

 

Balochistan to construct 49 new dams at cost of Rs6.4b

Federal Minister for Science and Technology, Shibli Faraz Wednesday said that quality and energy efficient appliances can make a huge difference towards saving valuable energy resources and help resolving the major issues related to the energy sector in the country.“It is the need of the hour that production of energy efficient products of international standards must be ensured in the country”, he said this while chairing a meeting on energy efficient products in the Ministry of Science and Technology.Representatives of Pakistan Electronics Manufacturers Association, Pakistan Fans Manufacturers Association, leading electronics companies, National Energy Efficiency and Conservation Authority and Oil and Gas Regulatory Authority (OGRA) also participated in the meeting.The federal minister stressed the need for creating awareness regarding energy conservation and energy efficient products in the country.Read More...

Cabinet Committee on Privatisation (CCOP) on Wednesday deferred the decision on divestment of government’s shares in Mari Petroleum Company Limited.The CCOP, headed by Federal Minister for Finance and Revenue Shaukat Tarin, discussed the proposal for divestment of government of Pakistan’s shares in Mari Petroleum Company Limited. After a comprehensive deliberations, the chair directed Privatisation Commission and Ministry of Petroleum to further examine the issue in light of discussion and come up with comprehensive proposals during the next CCOP meeting.In Mari Petroleum, the government has a 20 percent stake, OGDCL holds another 20 percent shareholding, Fauji Foundation has a 40 percent stake and the general public holds 20 percent shares. The CCOP had earlier approved to divest 18.5 percent shares of MPCL. As per requirement of Share Purchase Agreement, a notice was twice served to JV partners (OGDCL & Fauji Foundation) for NOC or exercise of option for purchase of shares. Later, a committee was constituted after a meeting of Petroleum Division and JV partners.Read More...

The government appears to have made up its mind to facilitate a new LNG terminal replacing an existing one for maintenance to avoid international litigation and probe reasons behind delayed decision-making in contract management and fix responsibility.Informed sources told Dawn that based on deliberations of a meeting presided over by Prime Minister Imran Khan, the minister for law and justice would present a way forward to the Cabinet Committee on Energy (CCoE) at its meeting on Thursday.The law minister has personally heard viewpoints of almost all stakeholders of the LNG supply chain, including public and private sector entities, on the subject, examined the LNG supply agreements (LSAs) and related matters and a detailed position would be placed before the CCoE.The CCoE meeting to be presided over by Planning and Development Minister Asad Umar would take up two major issues — updates on LNG terminals and North-South Gas Pipeline project — besides reviewing implementation status of closure of some old power plants and a report on the LPG situation.Read More...