Morning Market Brief 9th Nov. 2021

Technical Overview

The Benchmark KSE100 index had faced rejection from a resistant trend line on daily chart during last trading session but it succeeds in closing above its major resistant region of 47,200pts. Now it needs to stay cautious because index have major resistant regions ahead and its losing strength on daily chart. For current trading session it seems that index would try to target its resistant regions once again and if it would succeed in closing above 47,500pts then a sharp bullish rally would be witnessed in coming days but for this purpose some healthy volumes would be needed. On intraday basis index may face resistances at 47,500pts which would be followed by 47,630pts and 47,700pts. While on flip side in case of bearish pressure index would try to establish ground above 47,000pts initially and then 46,870pts would try to act as pivotal value in coming days.

Regional Markets

Asian stocks extend global gains ahead of U.S. inflation test

Asian shares followed Wall Street higher in early trade on Tuesday as the passage of a U.S. infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.The congressional passage of a long-delayed U.S. $1 trillion infrastructure bill over the weekend has cheered investors, who however face another test later in the week from a reading on U.S. inflation that may influence plans for tightening monetary policy.Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%.Read More...

Business News

FBR, UNODC hold sessions for DNFBPs to ensure AML/CFT compliance

Federal Board of Revenue (FBR) in collaboration with United Nations Office on Drugs and Crime (UNODC) organised an outreach and capacity building sessions for DNFBPs to ensure AML/CFT compliance at Karachi. The representatives from Financial Monitoring Unit (FMU), National Counter Terrorism Authority (NACTA) and Ministry of foreign affairs (MoFA) were the key-note speakers in the training sessions. The participants included real estate agents, jewellers, accountants and lawyers. In his opening remarks, Mohammad Iqbal, DG DNFBPs, stressed upon the need to combat money laundering in its all forms and manifestations.Read More...

Khusro reviews progress of USC’s digitalisation

Federal Minister for Industries and Production Makhdum Khusro Bakhtyar on Monday said that automation of Utility Stores Corporation (USC) would ease the provision of targeted subsidy on food essentials under Ehsaas Programme. He made these remarks while chairing the meeting on the progress of digitalization and automation programme of Utility Store Corporation under the Digital Pakistan Initiative. The meeting was attended by Secretary Industries and Production, MD USC, senior officials of the Ministry and representative of PTCL & NRTC. MD USC briefed the chair on digitalization program of corporation.Read More...

Senior reps of JP Morgan, Soomro discuss issues pertaining to NPPMCL sell-off

The senior representatives of JP Morgan met with the Federal Minister for Privatisation Mohammedmian Soomro to discuss the issues pertaining to the privatisation of NPPMCL. Asif Raza- Managing Director, Global Corporate Bank CEEMEA along with Imran Zaidi- Managing Director, Global Corporate Bank MENA and Amin M. Khawaja, CEO, Pakistan called on Federal Minister for Privatisation Mohammedmian Soomro, Senior officials of the Ministry also attended the meeting. The JP Morgan is one the world’s largest investment banks and advising the consortium of Qatar Investment Authority (QIA) which showed keen interest for the privatisation of NPPMCL.Read More...

Qatar looking to invest in RLNG power projects, Privatisation Commission told

JP Morgan, which is one of the world’s largest investment banks and advising the consortium of Qatar Investment Authority (QIA), informed the Privatisation Commission on Monday that QIA is a strong contender for investment in RLNG power projects of Haveli Bahadur Shah and Balloki.The National Power Parks Management Company (NPPMCL), a state-owned enterprise, owns and operates the RLNG-based combined cycle H9 technology power plants at Haveli Bahadur Shah in Jhang district and Balloki in Kasur.Read More...