Islamabad, June 26 | Pakistan’s Energy Minister Hammad Azhar said here on Friday that the ±660kV Matiari-Lahore high-voltage direct current (HVDC) transmission project under the China-Pakistan Economic Corridor (CPEC) will bring stability to the power system of the country.
Addressing the transmission ceremony of the project held simultaneously in Islamabad and China’s Beijing through video link, Azhar said the project will enhance the transmission capability in Pakistan and bring relief to consumers, the Xinhua news agency reported.
The project has brought new technology to Pakistan and will evacuate power from power plants located in Sindh to northern load centres to meet their energy needs, the minister added.
“The CPEC is of utmost importance for Pakistan. It will enable the country to enhance industrial production, upgrade energy and communication infrastructure and improve connectivity within the region,” he said.
Speaking at the ceremony in Beijing, Zhang Jianhua, head of China’s National Energy Administration, said the Matiari-Lahore transmission line is the first large-scale transmission project of the CPEC, which will become the backbone transmission channel of the new structure of the Pakistani power grid after being put into commercial operation, providing a solid assurance for power transmission in the south and power supply in the north of Pakistan.
Speaking at the event in Islamabad, Chinese Ambassador to Pakistan Nong Rong said the CPEC has entered a new phase of high-quality development focusing on industrial, agricultural and socio-economic cooperation. He said the Matiari-Lahore project will contribute to the stable power supply in Pakistan and promote the industrialization of the country.
The construction of the Matiari-Lahore transmission project started in December 2018, and around 7,000 jobs had been created for the locals during the construction period. The project is expected to be put into commercial operation later this year and can transmit electricity of over 30 billion kilowatt-hours annually.
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.
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.
Souce: Choice India