Morning Market Brief 6th jul. 2021

Technical Overview

The Benchmark KSE100 index had continued its bearish journey during last trading session after facing rejection from its bearish correction level on hourly chart and had formatted an evening shooting star on daily chart. As of now it's being supported by its 61.8% correction of its last bullish pull back at 47,350pts and a strong horizontal supportive region and a descending trend line at 47,200pts. Meanwhile hourly momentum indicators are ready for a bullish pull back therefore it's expected that index may show some volatile moves during current trading session therefore it's recommended to stay cautious and wait for today's closing before initiating new positions for short term trading, as today's confirmation is required for confirmation of last day's evening shooting star. If index would not succeed in initiating a recovery before 47,200pts then once more it would slide downward for expansion of its bearish correction. While on flip side in case of recovery index would face initial resistance at 47,730pts which would be followed by 47,930pts and 48,150pts. Overall sentiment would remain bearish until index would not succeed in closing above 48,300pts on daily chart.

Regional Markets

Coop, other ransomware-hit firms, could take weeks to recover, security experts say

Computer systems of several companies across the world, including 800 physical grocery stores of Sweden's Coop, that were shut down after attacked by REvil ransomware could take weeks to recover, cyber security experts said.Hackers from the REvil cybercrime gang compromised systems of IT firm Kaseya and malware trickled down to its resellers and reached end customers such as Coop who used its software.The ransomware locked data in encrypted files and late on Sunday hackers demanded $70 million to restore the data.Read More...

Business News

Wapda generated 37 billion units hydel electricity in FY2020-21

The hydel power stations of Water and Power Development Authority cumulatively generated 37.147 billion units of low-cost and environment-friendly electricity during fiscal year 2020-21. The hydel generation by WAPDA is almost equal to that of fiscal year 2019-20 and 3.08 billion units more if compared with the average annual hydel generation during the last 10 years.According to data of WAPDA hydel power generation in 2020-21, Tarbela Hydel Power Station generated 12.61 billion units, Tarbela 4th Extension 3.42 billion units, Ghazi Barotha 6.89 billion units, Mangla 5.40 billion units, and Neelum-Jhelum Hydel Power Station generated 4.79 billion units. While, rest of the generation i.e. 4.03 billion units.Read More...

Inter-Provincial water disputes more political than technical: Attorney General

The office of Attorney General has said that the issue of water distribution among the provinces is more political than technical and it should be resolved on the forum of the Council of Common Interests (CCI).The meeting of the National Assembly Standing Committee on Water Resources that met under the chairmanship of Nawab Yousuf Talpur has asked the representative of the Attorney General’s office to submit the report of the Attorney General on water issue among the provinces to the committee. Chairman Irsa Rao Irshad Ali Khan while briefing the committee said that the construction of Diamer, Kalabagh and Akhori dam can resolve the problem of water shortage in the country.Read More...

HSHM joins hands with Bluesky Students Consultancy Services

Hashoo School of Hospitality Management has collaborated Bluesky Students Consultancy Services to promote its premium hospitality school in Pakistan.In this connection, a Memorandum of Understanding was signed by Maj Faisal Naeem Khan, Director Education, Hashoo School of Hospitality Management and Mumtaz Khan, Country Head Bluesky Students Consultancy Services at a local hotel in Lahore. HSHM is Pakistan’s first premier hospitality and tourism management school in collaboration with Sheffield Hallam University, UK, and in partnership with Construction Technology Training Institute. HSHM’s first campus is located on IJP Road Islamabad, and is now accepting admissions for fall semester 2021.Read More...

Opec+ abandons policy meeting after Saudi-UAE clash

After failing last week to agree on crude oil output levels, the 23 members of the Opec+ group of producers called off a meeting planned on Monday to overcome the impasse, a source close to the alliance said. No new date was given for them to reconvene.Since May, the group has raised oil output little by little, after slashing it more than a year ago when the coronavirus pandemic crushed demand.At stake is the current proposal that would see the world’s leading oil producers raise their output by 400,000 barrels per day (bpd) each month from August to December.Read More...