Morning Market Brief 25th jun. 2021

Technical Overview

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.

Regional Markets

Pivotal Toshiba shareholder vote on future of board chairman underway

Toshiba Corp kicked off its annual general meeting on Friday, with shareholders set to decide on whether to keep Osamu Nagayama as board chairman. The vote - expected to be very close - is seen by many as a referendum on corporate governance in Japan.Nagayama has been under immense pressure to resign after an independent investigation this month accused the industrial conglomerate of colluding with Japan's trade ministry to block foreign shareholders from gaining influence on the board at last year's AGM.Nagayama's critics say he should take responsibility for the board's resistance to a shareholder's call for an independent probe.3D Investment Partners, Toshiba's No. 2 shareholder with a 7.2% stake, has called for his immediate resignation, while shareholder advisory firms Institutional Shareholder Services Inc and Glass Lewis have recommended shareholders not reappoint him.Read More...

Business News

Delegation of reps of industries from ex-Fata meets Tarin

Federal Minister for Finance and Revenue Shaukat Tarin chaired a high level special meeting with a delegation of representatives of industries from ex-FATA areas at Finance Division on Thursday.The meeting was attended by Federal Minister for Defence Pervez Khattak, Federal Minister for Industries & Production Makhdum Khusro Bakhtyar, Advisor to PM on Commerce Abdul Razak Daood, SAPM on F&R, Chairman FBR and representatives of industries from ex-FATA districts.Federal Minister for Finance and Revenue Shaukat Tarin during the meeting said that the present government under the leadership of Prime Minister of Pakistan is committed to peace, progress and prosperity in ex FATA districts.Read More...

Govt to start crackdown against tax evaders, says Shaukat Tarin

While announcing to start crackdown against tax evaders, Federal Minister for Finance and Revenue Shaukat Tarin on Thursday said that he was ready to talk with the opposition on the Charter of Economy.He said that government would arrest the tax defaulters who do not pay taxes despite having powers to pay. The government would arrest the tax evaders only after the approval of the finance minister and chairman Federal Board of Revenue (FBR). Powers to arrest were withdrawn from the FBR Assistant Commissioner, finance minister said in National Assembly Standing Committee on Finance and Revenue. Read More...

No decision on Engro terminal dry docking

The Cabinet Committee on Energy (CCoE) on Thursday did not take a decision on allowing dry-docking of Engro’s LNG terminal, but asked the Petroleum Division to follow priority order of gas curtailment under the load management plan already in vogue during the supply disruption.The meeting of the CCoE presided over by Planning Minister Asad Umar was presented a legal opinion of the Ministry of Law and Justice on the issue of dry-docking of Floating Storage and Regasification Unit (FSRU) of Engro Elengy Terminal Ltd (EETL) effective June 29.Read More...

Delegation of reps of industries from ex-Fata meets Tarin

Federal Minister for Finance and Revenue Shaukat Tarin chaired a high level special meeting with a delegation of representatives of industries from ex-FATA areas at Finance Division on Thursday. The meeting was attended by Federal Minister for Defence Pervez Khattak, Federal Minister for Industries & Production Makhdum Khusro Bakhtyar, Advisor to PM on Commerce Abdul Razak Daood, SAPM on F&R, Chairman FBR and representatives of industries from ex-FATA districts. Federal Minister for Finance and Revenue Shaukat Tarin during the meeting said that the present government under the leadership of Prime Minister of Pakistan is committed to peace, progress and prosperity in ex FATA districts.Read More...