Morning Market Brief 30th jun. 2021

Technical Overview

The Benchmark KSE100 index had tried to recover from a strong horizontal supportive region during last trading session but it faced rejection from 50% correction of its last bearish rally and index turned downward again after retesting supportive trend line of its hourly wedge and neck line of its header and shoulder formation. As of now hourly momentum indicators are in bearish mode which indicates that index may face some serious pressure during current trading session but its recommended to stay cautious and wait for breakout below 46,900pts before initiating new short selling positions because this region is actively working as a pivotal value and breakout below this region would call for 46,500pts and 46,000pts. For current trading session 46,900pts would try to push index upward again to retest its resistant regions therefore a volatile session could be witnessed between 46,900pts and 47,500pts. On bullish side 47,500pts would try to react as initial resistance which would be followed by 47,650pts and 47,900pts. In case index would succeed in maintaining above 46,900pts and take a spike towards 47,500pts till day end then there are chances of a morning shooting star on daily chart but it's recommended to wait for confirmation of morning star on hourly chart before initiating new long positions.

Regional Markets

Australia's Nuix says regulator is investigating its financial statements

Australian software provider Nuix Ltd said on Wednesday that it was being investigated by a regulator over suspicion its financial statements for three years to June 2020 and the prospectus issued prior to its IPO breached corporate law.The company said its former Chief Financial Officer Stephen Doyle and two of his family members were also being investigated by the Australian Securities and Investments Commission."We are genuinely disturbed by the allegations concerning Mr Doyle," the company Chairman Jeffrey Bleich said in a statement, without providing any details on the allegations.Nuix is not aware of the precise nature of the probe and has not received any formal notification from ASIC, the company said, adding it will cooperate with any investigation.Read More...

Business News

Abacus Consulting receives President IT Award

A global leader in next-generation technology and outsourcing services, Abacus Consulting has announced it has received the prestigious President IT Award. The award recognises Abacus Consulting’s relentless commitment to digital innovation and contribution to the country’s economy. In the ceremony held at Aiwan-e-Sadr, Islamabad, by the Lahore Chamber of Commerce (LCCI), the firm was honored for demonstrating excellence in information technology and digital transformation.“I’m extremely grateful to Dr Arif Alvi, President, and the Lahore Chamber of Commerce & Industries for this recognition. This award is a testament to our innovation in providing top of the line technology solutions for our clients worldwide,” said Fatima Asad-Said, CEO of Abacus Consulting.Read More...

Nepra likely to reduce power tariff by 28.66 paisas/unit for May

National Electric Power Regulatory Authority (Nepra) is likely to reduce power tariff by 28.66 paisas per unit for the month of May under Fuel Charges Adjustment (FCA).Presiding over hearing on Central Power Purchasing Agency Guaranteed (CPPA-G) petition, Nepra chairman Tauseef. H.Farooqi has said that the regulator was not taken into confidence regarding shutting down of LNG terminal and the use of alternative expensive fuel for the power generation during the dry docking of Engro Floating Storage Re-Gasified Unit (FSRU).Central Power Purchasing Agency Guaranteed (CPPA-G) had requested National Electric Power Regulatory Authority (Nepra) to allow refunding the overcharged tariff of 12.5 paisas per unit to the consumers of Discos for the month of May 2021 under FCA mechanism.Read More...

Afghan transit containers to be cleared in two days

The government has put in place a system to reduce dwell time from the existing nine days to less than two days for Afghan transit containers at Karachi and Gwadar ports.The target is to enhance Afghan cargo container clearance via the Green Channel to 80pc at Pakistani ports under transit trade while only 20pc containers may be marked for yellow channel (marked for assessment) or the Red Channel (marked for examination).The Federal Board of Revenue (FBR) has proposed several measures through a customs notification SRO829 to implement the system to drastically reduce the clearance time and minimise customs officials involvement in handling of Afghan cargoes.It is believed the new system will not only facilitate the cargo clearance at ports but will also lead to ease of doing business for importers.Read More...

LNG shipment to ease gas crisis in coming days: Tabish

Special Assistant to Prime Minster on Power and Petroleum Tabish Gohar on Tuesday said that the current gas crisis is temporary and a major improvement in supply is expected within two to three days.A major LNG shipment has arrived which will be transmitted and distributed through the Sui Southern Gas Company Limited (SSGCL) system, Mr Gohar said while speaking to the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Repair and maintenance works at gas fields were “mandatory and unavoidable”, he added.According to a press release issued by the apex body, FPCCI President Mian Nasser Hyatt Magoo demanded immediate resumption of gas supply to Karachi’s industry.“The industry has suffered unbearable losses due to the closure of gas supply to all industrial areas of Karachi,” he added.Read More...