Morning Market Brief 29th jun. 2021

Technical Overview

The Benchmark KSE100 index initially have given bearish breakout of its descending wedge on hourly chart and also have bearish breakout of its head & shoulder formation but still index could not succeed in closing below its major supportive region which fall at 46,900pts where a previous double top exists therefore it's recommended to stay cautious because if index would not succeed in recovering above neckline of its head & shoulder formation then a sharp bearish rally would be witnessed in coming days which may prolong towards 46,000pts. On intraday basis a slight spike towards 47,250pts could be witnessed but its recommended to avoid initiating new long positions until index would not succeed in closing above 47,250pts. Daily and hourly momentum indicators are still bearish therefore it can be said that index would remain under pressure until it would not succeed in recovering above 47,500pts in coming days.

Regional Markets

S.Korean companies offer employees COVID-19 vaccines at work

South Korea's large manufacturing employers have received permission from the country's health authorities to administer COVID-19 vaccines at in-house clinics, hoping to speed up inoculation of their employees.The inoculation plans come amid the South Korean government's push to ramp up vaccinations after a slow start. South Korea has inoculated 15.3 million people, or about 30% of its population, with at least one dose since it began administering vaccines in February.Affiliates of the country's biggest conglomerate Samsung Group, including Samsung Electronics Co Ltd, Samsung Display and Samsung SDI Co Ltd, plan to offer vaccine doses to employees at work next month, the companies said on Tuesday.Read More...

Business News

Power generation of Tarbela dam reduced to 1432 MW

Despite scorching heat all over the country, the water inflow in Tarbela dam on Monday reduced which also decreased the water level of the reservoir to 1434.23 feet.According to the Tarbela dam officials, today the water inflow was recorded at 109700 cusecs feet while the outflow was 132300 and the water level of the reservoir was 1434.23 feet.Today 10 power generation plants out of 17 have produced 1324 megawatts of electricity while the plants were working with low capacity and seven of them were shut down.It was also disclosed that today 600 cusecs of water were released for Pehur High-Level Canal to supply water, some areas of KP for irrigation.It is also expected that owing to the upcoming rainy season and melting of glaciers the water inflow in the Tarbela dam reservoir would increase and would raise the power generation of the dam.Read More...

Kamyab Pakistan Programme to bring prosperity in country: Tarin

Federal Minister for Finance and Revenue Shaukat Fayyaz Ahmed Tarin chaired a meeting on Kamyab Pakistan Programme at Finance Division on Monday.The federal minister, during the meeting said that the prime minister has a vision to transform Pakistan into a truly welfare state. The prime minister aspires to uplift living standards of the under privileged people in the country. To achieve this objective the government is following a multi pronged strategy. The deserving people of the country are being supported through cash transfer programme. The prime minister wants a multitude of new opportunities for the fellow countrymen particularly the youth through a new platform. Kamyab Pakistan Programme is being launched to achieve this objective. Small Loans for business, farmers and households, health cards and technical training would be included under the programme.Read More...

Gas crisis deepens as supply to industries, CNG outlets halted

The gas crisis has deepened across the country as two state-owned companies on Monday announced complete closure of gas supply till July 5 to industries and CNG stations following a decline in gas availability, low pressure in the system and dry docking of LNG terminal.CNG stations in Sindh were to open from June 28 after the closure on June 22, but Sui Southern Gas Company Limited stopped supplies to them till July 5 in view of the lingering shortfall of 160mmcfd due to annual turnaround of Kunnar Pasakhi Deep gas field, causing a decline in gas availability and resulting in depletion of line pack and low pressure in the system.Sui Northern Gas Pipelines Limited completely stopped gas supply to three sectors — cement, CNG stations and non-export industry — in Punjab and Khyber Pakhtunkhwa till July 5 due to dry docking of LNG terminal.Read More...

$4.5bn deal signed with ITFC to finance oil, fertiliser import

Pakistan and the International Islamic Trade Finance Corporation (ITFC) — a subsidiary of the Islamic Development Bank — on Monday signed a $4.5 billion new framework agreement to finance oil, LNG and fertiliser imports over the next three years (2021-23).The new framework agreement will “provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea”, announced the Ministry of Economic Affairs (MEA) soon after the signing of the agreement.The agreement was formally signed by ITFC Chief Executive Officer Engineer Hani Salem Sonbol and Economic Affairs Division Secretary Noor Ahmed in the presence of Minister for MEA Omar Ayub Khan.Read More...