Morning Market Brief 9th Jun 2022

Technical Overview

The Benchmark KSE100 index is trying to establish ground above 41,325pts since last three trading sessions. As of now it's expected that index would try to start the day with a positive note and it would try to target 41,880pts where it would face initial resistance from a horizontal resistant region and breakout above this region would call for 42,200pts and 42,500pts. While on flip side in case of bearish reversal index would try to establish ground above 41,325pts which would be followed by 41,000pts and 40,500pts. Currently intraday and daily momentum indicators are in bullish mode therefore it's recommended to stay on long side with strict stop loss.

Tesla Autopilot concerns are on U.S. agency's 'radar,' chair says

The chair of the Federal Trade Commission said concerns raised by lawmakers about Tesla Inc's driver assistance system known as Autopilot are "on our radar.Following agency policy, FTC Chair Lina Khan, speaking in an interview on Tuesday, would not confirm nor deny a probe."It's absolutely true that, you know, this is a issue on which many members of Congress have focused and written to us about, so it's certainly something that's on our radar," Khan said.Tesla, which disbanded its press department, did not respond to a request for comment.In August, Senators Ed Markey and Richard Blumenthal urged the FTC to probe Tesla, saying the automaker misled consumers and endangered the public by marketing its driving automation systems as fully self-driving.An FTC investigation could potentially lead to a lawsuit seeking to force the company to change how it describes Autopilot's capabilities. That might damage Tesla's reputation.Read More...

Business News

NA-240 Karachi By-Polls: Deployment Of Rangers Outside Polling Stations Ordered

The Interior Ministry on Wednesday ordered the deployment of Rangers outside polling stations for by-election of Karachi’s NA-240 seat from June 15 to 17.he Rangers deployment order was issued on the request of the Election Commission of Pakistan (ECP) to ensure peace at all polling stations of NA-240 which had been declared sensitive by it.his National Assembly seat covers Landhi and Korangi areas of district Korangi in Karachi. It has fallen vacant after the death of the MQM-P MNA Iqbal Muhammad Ali Khan on April 19.he Election Commission had established 182 polling stations in Korangi and 127 in Landhi area for the by election scheduled to be held on June 16.Read More...

Fire Erupted In Margalla Hills National Park Controlled

The city managers are in a fix over continuous fire incidents as a massive fire erupted on Wednesday again in Margalla Hills National Park at Talhar Village.he eye-witness said that due to high winds, the fire covered a huge area and reached the vicinity of the iconic Monal Restaurant.he operation was jointly conducted by the teams of CDA, MCI and wildlife management board and environment staff. In addition to CDA’s regular employees, over a hundred private people were also engaged by the city managers to avoid fire incidents.eeping in view the sensitivity of the matter, National Disaster Management Authority was also called for help, which was already taken on board by the CDA.irector Public Relations CDA Syed Asif Shah while talking about the latest situation has informed that the fire erupting near Monal has been controlled after an extensive operation but now the teams have been moved to a private property in Talhar village, where a minor fire incident is reported.Read More...

Planners set 5pc GDP growth target for next year

The National Economic Council (NEC) on Wednesday set next year’s economic growth rate target at five per cent with a Rs2.184 trillion worth of consolidated public sector investment — almost unchanged from Rs2.135tr development allocation in the current year.The meeting of the NEC — the country’s highest economic decision-making body — was presided over by Prime Minister Shehbaz Sharif. Chief ministers of three provinces other than Khyber Pakhtunkhwa and other members of the council attended.The participants unanimously decided that every effort would be made to reach 6pc growth rate next year.Officials said the consolidated size of the national development budget was set at Rs2.184tr, which included the federal allocation of Rs800 billion against the current year’s allocation of Rs900bn, although the meeting was informed that total federal expenditure would stand restricted at Rs550bn.Read More...

BUDGET 2022-23: Duty rationalisation on three sectors partially approved

The government has approved partial proposals of the Tariff Policy Board (TPB) suggesting rationalisation of duty on three sectors in upcoming budget 2022-23, while dropping two major proposals for further reduction and abolition of additional customs duty (ACD) on raw materials of the export sector.The TPB, led by Minister for Commerce Naveed Qamar, is the recommending body to make changes in tariffs to the Ministry of Finance. The decision will be announced in the budget 2022-23 as part of the package initiated two years ago to remove all duties on raw materials, semi-finished products used in exports.Well-placed sources told Dawn that the finance ministry has agreed to rationalise duties on the value chain of the packaging industry, leather dyes and textile dyes. The TPB has already conducted studies on these three sectors.Read More...