The Benchmark KSE100 index had tried to continue its bullish journey during last trading session but faced rejection from a descending trend line along with a strong horizontal resistant region before day end. As of now it needs to stay cautious because index is losing strength on short term basis and if it would not succeed in closing above 47,370pts then selling pressure would start piling up because hourly and daily momentum indicators are already losing strength and this time rejection from resistant regions would turn sentiment towards bearish side. For intrraday basis index would try to target 47,370pts and breakout above this region would call for 47,700pts. While on flip side index would try to establish ground above 46,900pts in case of reversal but breakout below this region would call for 46,500pts and 46,200pts.
Regional Markets
China's Oct services activity expands at faster clip - Caixin PMI
Activity in China's services sector expanded at a faster pace in October, buoyed by robust demand, although rising inflationary pressures weighed on business confidence for the year ahead, a private survey showed on Wednesday.The Caixin/Markit services Purchasing Managers' Index rose to 53.8 in October - the highest since July - from 53.4 in September. The 50-point mark separates growth from contraction on a monthly basis.The improved readings in the private survey, which focuses more on small firms in coastal regions, stood in contrast with an official survey, which showed the expansion in the services sector lost some steam.
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Business News
Govt must consider linking Faisalabad with ML-1: FCCI
The government must consider linking Faisalabad with ML-1 for safe and speedy transportation of import and export consignments to seaports and to upcountry borders for its onward dispatch to various export destinations. This was demanded by Imran Mahmood Sheikh, senior vice president of the Faisalabad Chamber of Commerce & Industry (FCCI). Addressing the FCCI Standing Committee on Railways, he said that Faisalabad had emerged as a major industrial, commercial, business and export hub of Pakistan.
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FBR to launch Single Sales Tax Portal this month
Building further on its vision to facilitate taxpayers and ensure ease of doing business through automation, digitization, and minimization of human interaction with taxpayers, FBR is all set to launch Single Sales Tax Portal during November, 2021.This landmark initiative has been made possible after thorough discussions with the provincial revenue authorities of Punjab, Sindh, KPK, Baluchistan, and AJK. This facility will enable taxpayers to file single monthly Sales Tax returns instead of multiple returns (6 in the past) on different portals; thereby, significantly reducing the time and cost of compliance, and thus achieving maximum efficiency.
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Nepra for reviewing decision of withdrawal of subsidy for consumers using up to 300 units
Chairman of NEPRA has said that the decision of withdrawal of subsidy from the consumers using up to 300 units will increase burden on them and asked the government to review the decision in this regard.Chairman NEPRA, Tauseef H Farooqi made these remarks in a hearing over the government’s motion for proposed increase in base tariff of power distribution companies (Discos) by up to 1.68 per unit for the consumers using electricity above than 200 units.
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Govt seeks Rs1.68 hike in domestic base power tariff
Amid a strong protest from consumers against 10 per cent increase in power tariff, the National Electric Power Regulatory Authority (Nepra) on Tuesday asked the government to review with the human factor in mind its proposed subsidy rationalisation plan that would cause additional burden to consumers.At a public hearing presided over by Nepra Chairman Tauseef H. Farooqui, the Power Division insisted for immediate notification of Rs1.68 per unit increase in base tariff for all domestic consumers across the country.
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