Morning Market Brief 7th Aug. 2020
Technical Overview
The Benchmark KSE100 index have continued its bullish journey with a volatile session during last trading session to honor its previous bullish engulfing pattern on daily chart, but it's still recommended to stay cautious until index succeeds in closing above its previous high of 40,330pts which falls on a strong resistant region because on hourly chart index still have recovered only 61.8% of its last bearish rally of this week. It's recommended to adopt swing trading with strict stop loss on both side because if index would not succeed in closing above 40,330pts then some kind of serious pressure would be witnessed while breakout above this region would call for 40,500pts and 40,700pts regions. Mean while on flip side index have supportive regions standing at 39,500pts and 39,200pts.
Regional Markets
Asia shares set to open higher as traders await U.S. payrolls
Asia shares were poised to open higher on Friday, tracking global equity markets’ overnight gains as investors awaited a U.S. nonfarm payrolls report. Hong Kong futures HSIc1 were up 0.23% and Nikkei futures NKc1 were trading above the Nikkei 225 index's .N225 previous close, pointing to an opening advance of 0.14%. Gold continued its rally, with spot prices XAU= rising 0.32% and striking a fresh record of $2,072.4951 per ounce. The Dow Jones Industrial Average .DJI rose 0.68% and the S&P 500 .SPX gained 0.64%. The Nasdaq Composite .IXIC added 1%, marking the fourth straight day of record peaks and closing highs as the tech-heavy index ended the session above 11,000 for the first time. MSCI’s benchmark for global equity markets .MIWD00000PUS rose 0.23% to 565.38.Read More...
Business News
Pakistan Customs unearths under-invoicing of Rs330m
Pakistan Customs has intensified its operations against the importers responsible for under-invoicing, over-invoicing and mis-declaration, as un-earthed under invoicing of Rs330 million in a recent development. Pakistan Customs has un-earthed a big case of under-invoicing whereby certain importers imported TANG’ Brand Drinking Powder at exorbitantly low value at $0.4 per KG. Pakistan Customs obtained actual export documents of such consignments from UAE Customs which reflected the actual value at $2.39/KG. Evaded amounts of duty / taxes are to the tune of Rs330 million. During preliminary investigations, it has transpired that the importers established Shell Companies in Dubai which were used for the transfer of the amounts of the under-invoiced goods while the remaining amounts were transferred through Hawala / Hundi. Pakistan Customs has initiated serious action against such importers.Read More...
Japan provides $3m grant for JDS programme
The Government of Japan Thursday announced grant aid worth around 318 million Japanese Yen (around 3 million US dollars) for the Human Resource Development Scholarship (JDS) programme in Pakistan. Ambassador of Japan in Pakistan Matsuda Kuninori and Secretary of Ministry of Economic Affairs, Noor Ahmed have signed the Exchange of Notes (E/N) on this programme. The grant agreement (G/A) for the aforementioned program was also signed between Deputy Secretary of Ministry of Economic Affairs, Rahman Shah, and Chief Representative of JICA Pakistan Office FURUTA Shigeki. JDS is designed to support social and economic development of the country by providing government officials an opportunity to obtain Master’s or Doctoral degree in Japan in order to strengthen the administrative capacity of officials.Read More...
CDWP approves four projects worth Rs16.11b, recommends two to Ecnec
Central Development Working Party (CDWP) meeting on Thursday approved four projects worth Rs16.11 billion and recommended two projects worth Rs44.172 billion to ECNEC for consideration. Central Development Working Party (CDWP) meeting chaired by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan approved four projects worth Rs16.112 billion and recommended two projects worth Rs44.172 billion to ECNEC for consideration. Additional Secretary Planning Humair Karem, senior officials from Planning Commission and Federal Ministries/Divisions also participated in the meeting while representatives from provincial governments participated through video conference. Projects related to energy, culture, sports & tourism, transport & communication, food & agriculture and governance were presented in the CDWP meeting.Read More...
EPay Punjab app sets new record; Rs1.82b tax collected in July
EPay Punjab, the first-ever government payment aggregator for citizen facilitation and ease of business, has collected over Rs 1.82 billion in tax revenue from multiple levies across Punjab with 525,339 record transactions in the month of July 2020. EPay Punjab provides general public a stress-free and efficient method of paying all taxes and payments to the government without going through the existing cumbersome process. This was informed in a progress review meeting chaired by Chairman PITB Azfar Manzoor. Director General IT-Operations Faisal Yousuf & other senior officials attended the meeting.Read More...
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