Technical Overview
The Benchmark KSE100 index had continued its pull back during last trading session. As of now it's expected that it's going to target 47,930pts on intraday basis where its being capped by a resistant trend line along with a horizontal resistant region. Meanwhile hourly stochastic is trying to change its direction towards bearish side therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. If index would not succeed in penetration above 47,930pts then it may face some selling pressure before day end. While breakout above this region would call for 48,065pts and 48,150pts. While on flip side in case of rejection from its resistant regions index would try to establish ground above 47,380pts which would be followed by 47,200pts and 47,000pts.
Regional Markets
Asian shares near 1-wk highs but Delta woes mount
Asian shares advanced to one-week highs on Wednesday, led largely by strong U.S. corporate earnings, although the mood remained cautious as the rapidly spreading Delta variant of the coronavirus clouds the global economic outlook.MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.1% to the highest since July 26.Japan's Nikkei was in the red as were Chinese shares with the blue-chip index off 0.2%.Australian shares were a touch firmer but sentiment was marred by an unabating rise in Delta infections in Sydney, the country's biggest city.Read More...
Business News
Tarin reiterates govt’s resolve to boost agri productivity
Federal Minister for Finance and Revenue Shaukat Fayyaz Ahmed Tarin reiterated the firm commitment of the government to facilitate poor farmers by providing them timely inputs in order to boost agricultural productivity. Federal Minister for Finance and Revenue held a meeting with the Federal Minister for Energy Hammad Azhar at the Finance Division to review the supply and stocks of Urea fertilisers for the farmers. Secretary, Ministry of Industries and Production made a detailed presentation about production of urea fertiliser and also updated about the sufficient stock of fertiliser to cater requirements in the upcoming sowing season.Read More...
32,073 acres of land acquired for Diamer Basha dam
The government has so far acquired 32,073 acres of land for important Diamer Basha dam project which is expected to be completed by April, 2029 and would meet growing water and power needs of the country.The acquired land is around 90 per cent of total required 35,924 acres of land for the project.The official information on Tuesday revealed that total estimated cost of Diamer Basha dam project is Rs1406, 122 million which includes PC-I (acquisition of land & resettlement Rs 175,436 million, PC-I (Dam Part Rs 479,686 million while cost for PC-I (Power Generation Facilities yet to be approved) is Rs 751,000 million.Read More...
Pakistan seeks WB’s technical, financial support to build digital infrastructure
Pakistan on Tuesday has asked the World Bank to provide technical and financial support to build digital infrastructure including fiber optics network and incubation centres for specialised training and certification of IT experts.World Bank’s South Asia Regional Vice President Hartwig Schafer, , and Country Director Najy Benhassine, held separate meetings with Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin and Federal Minister for Economic Affairs Omar Ayub Khan.In the meeting the finance minister welcomed the World Bank’s South Asia Regional Vice President and acknowledgedRead More...
Petrol stocks drop to critical level as ministries wrangle over berthing issues
While the ministries of energy and maritime affairs wrangle over some operational issues, Pakistan’s petrol stocks have slid to a critical position, posing a challenge to smooth supplies, it emerged on Tuesday.As of August 2 evening, informed sources said, the overall petrol stocks were lower than eight days of the country’s average consumption coverage.This comes as a grim reminder of the June 2020 situation when the supplies had run dry, followed by a series of inquiries and formation of commissions to investigate reasons.Read More...
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