Morning Market Brief 4th Nov. 2021

Technical Overview

The Benchmark KSE100 index had established a double top on daily chart during last trading session and started bearish journey by closing below 47,200pts. As of now momentum indicators on both daily and hourly time frames have changed their directions towards bearish side therefore it's expected that index may take a dip during current trading session which may lead index towards 46,850pts while breakout below this region would call for 46,500pts. While on flip side in case of bullish reversal index would face initial resistance at 47,200pts which would be followed by 47,350pts and 47,500pts. Overall index would remain range as long as its trading between 46,200pts to 47,350pts. Meanwhile index is being capped by a descending trend line on daily and weekly chart therefore it's recommended to stay cautious as long as index is trading below this line.

Regional Markets

Japan's service sector activity grows for first time during pandemic

Japan's services sector activity grew for the first time in 21 months in October as consumer sentiment picked up after the coronavirus pandemic subsided, giving a broad-based boost to demand.The government in September ended state of emergency curbs imposed to contain the health crisis, as new cases and deaths came down rapidly that month and the burden on the medical system eased."Japanese service sector firms reported that activity returned to expansion territory for the first time in nearly two years," said Usamah Bhatti, economist at IHS Markit, which compiled the survey.Read More...

Business News

Increase of Rs3.454/unit in power tariff demanded by KE huge: Nepra chairman

Chairman NEPRA has said that the increase of Rs 3.454 per unit in power tariff demanded by K-Electric (KE), under the monthly fuel price adjustment, is huge and will be shocking for stakeholders.Chairman NEPRA Tauseef.H.Farooqi, while presiding over hearing on KE’s petition for the increase of Rs 3.454 per unit in power tariff under fuel charges adjustments (FCA), directed KE to post all the record of electricity cost and sale prices on their website.Read More...

Rs31b being spent to establish IT Park in Karachi

The federal government would spend funds amounting to Rs 31 billion for the establishment of Information Technology Park in Karachi.“This facility is the part of government strategy to develop IT zones and software parks besides setting up purpose-built software technology parks in major cities of the country,” a senior official of the Ministry of Information Technology told APP. He said these IT zones, software and technology parks would help promote efficient and cost-effective collaboration, digitalisation, R&D entrepreneurship and innovation to meet the needs of modern era.Read More...

NA body for water distribution among provinces in accordance with para 2 of 1991 Accord

The National Assembly Standing Committee on Water Resources Wednesday directed that the water distribution among the provinces should take place in accordance with para 2 of 1991 Accord.The NA Standing Committee on Water Resources, which met under Nawab Muhammad Yousuf Talpur, MNA, directed that Indus Water System Authority (IRSA) should ensure implementation of Water Apportionment Accord, 1991.Currently IRSA distributes water among the provinces under three-tier formula.Read More...

Rupee recovers 58 paisas against dollar

The exchange rate of Pakistani rupee against US dollar strengthened by 58 paisas in the interbank trading on Wednesday to close at Rs169.96 against the previous day’s closing of Rs 170.54. According to Forex Association of Pakistan, the buying and selling rates of dollar in open market were recorded at Rs 169.5 and Rs 171 respectively. Likewise, the price of euro, which was traded at Rs196.82, depreciated by Rs 1.33 as compared to its last closing of Rs198.15, the State Bank of Pakistan reported. The Japanese Yen lost one paisa to close at Rs 1.49, whereas a decrease of Rs 1.34 was witnessed in the exchange rate of British Pound, which was traded at Rs 231.29 as compared to its last closing of Rs232.63. The exchange rates of Emirates Dirham and Saudi Riyal decreased by 15 paisas each to close at Rs 46.27 and Rs 45.31 respectively.Read More...