Morning Market Brief 4th Jan. 2021

The Benchmark KSE100 index had given bullish breakout of its hourly triangle during last trading session and have completed expansion of said triangle on same day. Mean while index had faced rejection from resistant trend line of its bullish price channel on hourly chart and had tried to format an evening shooting star on hourly chart but it's recommended to stay cautious and remain on buying side for day trading because it's expected that index would try to continue its bullish sentiment towards its next resistant regions of 45,000pts and 45,200pts while it would face major resistant at 45,500pts in coming days. It's expected that index would remain bullish until it would not succeed in closing below 43,900pts on daily or hourly chart therefore buying on dip could be beneficial. For current trading session index have initial supportive region between 44,000pts-43,900pts where it would try to establish ground against any kind of bearish pressure. Daily and weekly momentum indicators are still in bullish mode and international oil prices would also try to pump fresh buying volumes for day trading. It's expected that index would remain bullish until it would remain trading inside its bullish price channel.

Asian share markets resumed their ascent on Monday as investors pinned their hope on vaccines to eventually deliver a global economic upturn, even as a possible tightening in virus rules for Tokyo pulled Japanese stocks off 30-year highs.After a slow start, MSCI’s broadest index of Asia-Pacific shares outside Japan swung 0.8% higher to hit another all-time peak. South Korea climbed 2% to a record, led by the chip and auto sectors, while Chinese blue chips added 0.3%. E-Mini futures for the S&P 500 were steady after also touching a record high. EUROSTOXX 50 futures were flat, while FTSE futures rose 0.4%. Investors are still counting on central banks to keep money cheap while coronavirus vaccines help revive the global economy over time, though much of that optimism is already priced in and the virus still spreading.Read More...

.As electricity tariffs go out of reach of consumers, a group of foreign investors has sought Prime Minister Imran Khan’s intervention to remove roadblocks to cheap 425mw alternative and renewable energy (ARE) projects of less than 4 cents (Rs6.3) per unit. The Pakistan Foreign Investors Forum (PFIF) — a group of wind and solar energy sponsors — has complained to the prime minister that the National Electric Power Regulatory Authority (Nepra) had cleared their generation tariffs — lowest in the country so far — but the Ministry of Energy had not issued its gazette notification for almost 5-10 months owing to a lacunae in an April 2019 decision of the Cabinet Committee on Energy (CCOE). “Nepra has recently awarded the lowest wind power tariff in Pakistan’s history at an average of US cents 3.22/kwh to five projects of 275mw (which is lower than present wind tariff of China, USA etc) located in Jhimpir — Sindh and to 150mw three solar projects located in Dera Ismail Khan at 3.9 cents/kwh),” the PFIF wrote to the prime minister.Read More...

The National Accountability Bureau (NAB) on Sunday released its three-year performance report, showing a total recovery of Rs487 billion. The highest recovery and best performance was shown by the bureau’s office for Rawalpindi region. Of the total Rs487bn, the Rawal­pindi NAB recovered Rs290bn, showing the best performance among all seven regional offices of the anti-graft watchdog during the last period under review. It was followed by Karachi, which managed to recover the plundered wealth of Rs93.17bn. Lahore NAB recovered Rs72.2bn, Sukkur Rs26.16bn, Multan Rs4.10bn, Balochistan Rs1.81bn and Khyber Pakhtun­khwa NAB Rs733.3 ­million. The total recovery of NAB, since its inception in 1999, is said to be Rs714bn.Read More...

Cognizant of the country’s existing and future energy needs, the Petroleum Division (PD), during the year 2020, has aligned its strategy to streamline the matters related to the oil and gas sector. It introduced the ease-of-doing-business plan and took radical measures to ensure a level-playing field for all competitors in the energy sector. For the purpose, as many as 10 unnecessary steps, out of 24, were abolished to encourage investment in the petroleum sector. Recounting the government achievements in the oil and gas sector, a senior official privy to the petroleum sector developments told APP that the PD started importing Euro-5 standard petrol and diesel for the first time in the country’s history. Accordingly in June-2020, Minister for Energy Omar Ayub Khan inaugurated a Euro-IV and V standard fuel testing laboratory in Islamabad at the Hydrocarbon Development Institute of Pakistan (HDIP), a body responsible to ensure the provision of quality petroleum products across the country. The facility was set up in line with Prime Minister Imran Khan’s directives to ensure availability of high-grade fuels conforming the latest vehicles and tackle environmental issues like smog and air pollution.Read More...

Minister for Information Technology and Telecom Syed Amin Ul Haque on Sunday said the recent growth of Information Technology (IT) industry was remarkable and surpassing all traditional sectors. “Recent growth figures of our IT Industry are remarkable and surpassing all traditional sectors in the country,” the Minister said while attending a ceremony organized by a celebratory. He was of the view that this was the right time for the country’s traditional sectors to consider the potential of IT exports business in Pakistan, said a press release. “With the overwhelming business response, Pakistan needs serious investments in branding, infrastructure and capacity building and other resources, not only from government but also from the private sector” he added.Read More...