Heatwave scorches Pak, cities record high temperatures

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Islamabad, June 12 | Parts of Pakistan including Islamabad have witnessed an extreme heatwave, with many cities recording temperatures above 40 degrees Celsius.

According to the Pakistan Meteorological Department, based on the regional and global climatic conditions, one to two heatwaves are expected to hit plain areas of Punjab, Sindh and Balochistan provinces this month, Xinhua news agency reports.

Amist the sweltering heat, the country has also witnessed frequent power cuts, with blackouts of up to 20 hours in some areas as a result of the sharp increase in energy demand.

“We are witnessing approximately 15-20 per cent more peak demand in power compared to last year. We added 1,200 MW to the national grid today. Another 1,000 MW to be added tomorrow. That should eliminate most problems,” Energy Minister Hammad Azhar said on Thursday.

In a conversation with Xinhua, Kiran Rehman, a public health expert, said that hospitals have seen more heatstroke patients in recent days.

As the situation could get worse, there is the need to make heatstroke precautions as well as symptoms requiring urgent hospitalization known to the public, she said, adding that heatstroke can be prevented by drinking plenty of water and avoiding the direct sun exposure, among other measures.

The frequency and duration of extreme heatwaves are becoming more intense in countries including Pakistan due to climate change and global warming, Rashid Aftab, a public policy and governance expert from the Riphah International University, Islamabad, told Xinhua.

As severe heat events are expected to become more frequent in the years to come, they could have serious implications for the Pakistani people in terms of health, livelihoods, and the overall economic growth of the country, he said.

Tahir Sadiq, a Pakistani lawmaker and member of the National Assembly Standing Committee on Climate Change, said that being among the top 10 most vulnerable countries to climate change, Pakistan has taken steps and launched multiple green initiatives including the 10 Billion Tree Tsunami program in efforts to reduce carbon emissions and to tackle food and water insecurity caused by the extreme hot weather.

Concerning national strategies to counter heatwaves and climate change, Sadiq said that early warning systems are being established so that people can prepare for extreme weathers to protect their health and avoid economic loss.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered with modest gain against the resilient global cues. Throughout the week, Sensex traded in a narrow range following an uneven move. Sensex ended at 54884.66 gaining 558 points or 1.03 percent while Nifty settled at 16352.45 with 86 points or 0.53 percent on a weekly basis. While Banknifty ended at 35613.30 levels with strong bounce with an upside of 3.90 percent in a week.

sharemarket weekly updates bhaskarlive

INDIA VIX has cooled off during the week with 7.01 percent and has settled at 21.48 levels. Investors and traders may watch out key events such as the RBI meet in the second week as well as the US Fed meeting likely to be on 14-15 June for monthly expiry. As corporate results are likely to end soon stocks would expect less volatility in upcoming days. In Nifty stocks, HDFCLIFE gained 9.61 percent while DIVISLAB shed 18.41 percent in a week. Sectorally Nifty Finance saw the highest gains of 4.32 percent followed by the Nifty Auto with 3.26 percent. On the flip side Nifty Pharma, Energy, Realty and PSE lose more than 3 percent each on a weekly basis. However Midcap gained 0.77 percent while Smal lcap dropped by 3.42 percent.

Technically, Nifty has formed a bullish candle on the weekly chart with a long tail suggesting strong support around 15900 levels, while on the upside 16800 may act as strong resistance. Index has taken support from the previous horizontal line & closed above 21-days Simple Moving Averages that indicates further pullback rally in the near term.

Indicators such as RSI remained in the neutral zone while MACD suggest some positive cross over observed in daily time frame suggest some sign of reversal. Coming to the OI Data, on the call side the highest OI witnessed was 16500 followed by 16800 strike prices while on the put side, the highest OI was at 16000 strike price. Overall, Nifty is having support at 16000 mark while on the upside 16500 followed by 16750 may act as an immediate resistance. While Bank nifty has support around 34300 while resistance is placed at 36800 on weekly chart.

Om Mehera
Research Associates
Choices Broking

Souce: Choice India

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