Morning Market Brief 2nd Sep . 2021

Technical Overview

The Benchmark KSE100 index had faced rejection from its bearish correction level along with a strong horizontal resistant region during last trading session and closed below 50% correction of its last bearish rally. Meanwhile a daily double top is being formatted so it's recommended to stay cautious. As of now a daily hammer have been formatted and it's expected that index may remain under pressure during current trading session. There are still chances of an evening star on daily chart if index would succeed in sliding below 47,250pts but it's recommended to stay cautious and adopt swing trading until index gave a clear sign of reversal. Meanwhile hourly momentum indicators are in bearish mode but daily indicators have created bullish crossovers which indicates that index may try to take a spike in coming days if it would succeed avoiding evening shooting star. Currently index would face initial resistance between 47,680pts-47,760pts which would be followed by 47,900pts. While on flip side index would try to establish ground above 47,065pts where a horizontal supportive region would try to pump some fresh volumes but breakout below this region would call for 46,900pts. Overall index would remain range bound until it would not either succeed in closing above 48,300pts or below 46,900pts, breakout of either side would call for a rally of 1,000-1,500pts in respective direction.

Regional Markets

Medics mount emergency response from devastated Louisiana hospital's parking lot

Outside a hospital abandoned after Hurricane Ida tore its roof off and flooded the interior, emergency medical workers were ready for action.The Terrebonne General Health System building was desolate, its patients evacuated just before the storm came ashore at full strength about 50 miles away on Sunday.But its parking lot was bustling. Two dozen ambulances were using it as a staging area for emergency calls across Terrebonne Parish and to move patients to other hospitals.Read More...

Business News

Tarin chairs first meeting of National Tax Council

Federal Minister for Finance and Revenue Shaukat Tarin urged the National Tax Council (NTC) to work together on the pending taxation matters so that an arrangement relating to harmonization of GST amongst provinces and the federal government could be finalised at the earliest.He made these remarks while chairing the first meeting of the National Tax Council (NTC) held here at the Finance Division. Finance minister welcomed the participants and stressed upon the need for greater cooperation between the federal and the provincial governments in matters relating to harmonization of general sales tax (GST).Read More...

FBR to rollout Track & Trace system to curb tax evasion

The Federal Board of Revenue (FBR) is all set to rollout the much-awaited Track & Trace system this month (September) to check tax evasion of billions of rupees at least in four major sectors including tobacco, cement, sugar and fertilisers.Well-placed sources in the FBR said the system would be launched from this month as per vision of Prime Minister Imran Khan to boost the country’s revenue. They estimated the country’s annual revenue from these sectors would increase manifold after implementation of the system.Read More...

Rs1.38 per unit hike worked out for ex-Wapda Discos

With Rs9.6 billion extra cost due to shortage of Liquefied Natural Gas (LNG) in July, the National Electric Power Regulatory Authority (Nepra) on Wednesday finalised about Rs1.38 per unit increase in electricity rates for ex-Wapda distribution companies (Discos) for a month under the fuel cost adjustment (FCA).At a public hearing presided over by Nepra chairman Tauseef H. Farooqui, the authority did not agree to a Rs28bn (Rs1.47 per unit) worth of additional FCA for electricity consumed in July owing to deviation from economic order of dispatch and some other factors.Read More...

Inflation steady at 8.4pc in August

Inflation remained unchanged in August for the second consecutive month of this fiscal year quashing the estimation that rise in petroleum products would take the figure up, showed Pakistan Bureau of Statistics (PBS) data released on Wednesday.Inflation measured through Consumer Price Index (CPI) remained at 8.4 per cent in August. It had started declining after surging to 11.1pc in April mainly driven by a drop in prices of agriculture products.In 2020-21, the annual CPI inflation was recorded at 8.90pc against 10.74pc in the preceding year.Read More...