Morning Market Brief 6th April. 2021

The Benchmark KSE100 index have given a bearish breakout of its descending wedge on hourly chart and now its heading towards expansion of its recent bearish correction on daily chart which started from 46,000pts where 61.8% correction of its last bearish wave was completed. Initially it's expected that index would expand this rally towards 43,300pts where 100% expansion of previous hourly correction would complete and index would try establish ground between 43,330pts-43,175pts but breakout below this region would push index towards 42,800pts where it would try to find support above a horizontal supportive region for current trading session. Overall this bearish rally may prolong towards 41,400pts if index would succeed in closing below 42,700pts on daily chart. Meanwhile currently index is moving in a bearish price channel as well on hourly chart and this aspect would also try to add pressure on index. While on flip side if index would succeed in starting a pull back after getting support from its supportive regions then it would face initial resistance between 43,900pts-44,100pts where its being capped by neckline of its head and shoulder formation on hourly chart. Hourly and daily momentum indicators are also in bearish mode therefore it's recommended to stay on selling side and selling on strength with strict stop loss of 44,200pts would be beneficial.

Balochistan to get govt’s bank

The Balochistan government has initiated process to hire consultancy services of a company for setting up a bank to boost economic activities in the province. The initiative was aimed at providing monetary incentives to businesses which would eventually spur economic growth and create more employment opportunities in the province, an official of Balochistan government privy to the development told APP on Monday. He added that the facility would be established as a commercial, investment and development bank, being financed through a fund provided by the World Bank. He said the bank would herald more commerce and financial developments which would eventually benefit the residents of province. It would also enhance overall lending and mobilization activities, he added.Read More...

Pakistan Telecommunication Authority (PTA) has launched Computer Emergency Readiness Team (CERT)/Coordination Center Portal (https://sec.pta.gov.pk) for the Pakistani telecom sector. PTA has introduced the CERT portal for its licensees, in continuation to its efforts to improve security posture of Pakistan telecom sector and to protect and safeguard National Critical Telecom Data and Infrastructure. This initiative will enable PTA and its licensees to share Threat Intelligence with each other to achieve regulatory compliance of PTA Cyber Security regulations. This portal has been established after close coordination and input from the telecom operators. Primarily, this portal will facilitate information sharing and exchange between PTA and telecom service providers on latest cyber security threats, incidents, vulnerabilities, security news and other related information. Continual improvements in portal will be carried out based on operational requirements.Read More...

National Electric Power Regulatory Authority (Nepra) on Monday has reduced the bulk supply tariff of Water and Power Development Authority (Wapda) by 27 per cent. NEPRA has reduced the bulk supply tariff of Wapda by Rs 1.56 per unit from Rs 5.67 per unit to Rs 4.11 per unit, said a decision issued by Nepra here. Wapda Hydroelectric had filed a tariff petition for determination of Bulk Supply tariff for FY 2020-2 1 for sale of power to NTDC/CPPA, pursuant to Nepra’s Tariff Standards and Procedure Rule, 1998. Wapda has requested Nepra to increase bulk supply tariff from Rs 5.67 per unit to Rs 6.20 per unit. However, Nepra, after careful consideration of different viewpoints of the stakeholders has reduced it to Rs 4.11 per unit. The decision will help reduce the power tariff for the end consumers. The previous average rate for financial year 2018 stood at Rs5.67 per kWh, which included Rs 3.55 per kWh, NHP/hydel levies. The regulator has slashed it now to Rs 4.11 per kWh for financial year 2021, which includes Rs 0.96 per kWh NHP/hydel levies related.Read More...

Pakistan has called for enhanced support of international community to fight against the socioeconomic challenges in time of pandemic. “Additional financial resources would help to create fiscal space to invest more in human capital,” said Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar, while representing the country at World Bank Group meeting on Human Capital Ministerial Conclave held virtually. The theme of meeting is creating Green, Resilient and Inclusive Recovery of Economy after Pandemic. The spring meeting includes Ministers and government officials from 80 countries to share views/narratives that will improve the human capital of the world after pandemic. In his remarks, Federal minister stated that Pakistan is one of the first “Early Adopters of Human Capital Project.”Read More...