Morning Market Brief 10th Nov. 2020
Technical Overview
The Benchmark KS100 index have bounced back after getting support from a horizontal supportive region to retest resistant trend line of its descending wedge on daily chart. As of now it's expected that index would try to open with a positive gap above 41,000pts and would try to initially target 41,200pts while breakout above this region would call for 41,600pts and 41,860pts. It's recommended to stay cautious because today's move would be fueled by COVID-19 vaccine news as well therefore there are chances that index would gave a bullish breakout above 41,500pts where breakout of its descending wedge would take place but later on it could face rejection from its next resistant region which fall between 41,760pts-41,900pts. For day trading it's recommended to stay on long side and post trailing stop loss above 41,200pts on breakout above this region, because index could face some serious pressure before day end to correct its today's spike. While it needs to stay cautious in coming two to three days because today's move could convert into cheat pattern if index would not succeed in maintaining above 41,500pts on daily chart. While on flip side in case of rejection index would try to establish ground above 41,000pts but breakout below this region during this week would pump fresh selling volumes in market. It's recommended to avoid short selling and remain on long side until index gave a clear reversal sign.
Regional Markets
Asian stocks rally as investors applaud vaccine development
Asian share markets mostly shot higher on Tuesday driven by regional airline, tourism and travel stocks as global investors applauded progress in the development of a coronavirus vaccine which lifted confidence in a world economic recovery. Pfizer Inc PFE.N said its COVID-19 vaccine, developed with German partner BioNTech SE BNTX.O, was more than 90% effective in preventing infection, marking the first successful results from a large-scale clinical trial. Japan's Nikkei 225 .N225 rose 1.1% after reaching a 29-year high in early trade and Australia's S&P/ASX 200 .AXJO rose 1.6%. Hong Kong's Hang Seng index futures .HSI was up 1% in early trade but there was marginal weakness in China as the CSI300 Index .CSI300 slipped by 0.24%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.12% higher.Read More...
Business News
ECC discusses issues related to wheat demand, supply in country
The Economic Coordination Committee (ECC) of the Cabinet on Monday has decided that a subcommittee would be constituted to work out the total volume of subsidy involved on imported and local wheat. Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Cabinet Division.Read More...
Nepra allows ex-Wapda Discos to hike power tariff by Re0.4828 per unit
In response to CPPA’s request for hiking power tariff by Re0.9846 per unit under fuel charge adjustment for the month of August, NEPRA has allowed ex-Wapda power distribution companies (Discos) to increase the power tariff by Re.0.4828 per unit while withheld provisionally the increase of the remaining amount. National Electric Power Regulatory Authority has approved fuel charges adjustments (FCA) of Re.0.4828 per unit for ex-Wapda Discos having impact of Rs.7 billion, said a statement issued here Monday.Read More...
Punjab, Balochistan fail to utilise budgets in first quarter of current FY
Two provinces Punjab and Balochistan have failed to utilise their budgets in first quarter (July to September) of the current fiscal year that resulted in their surplus budgets. Punjab and Balochistan have recorded budget surplus of Rs28.2 billion and Rs29.5 billion respectively in the first quarter of the ongoing financial year. However, budgets of Sindh and Khyber Pakhtunkhwa have registered deficit in the period under review. Overall, four provinces governments recorded budget surplus of Rs44.4 billion during July to September period of FY2021, as their expenditures remained at Rs614.5 billion as compared to the revenues of Rs658.9 billion.Read More...
Industrial sector expanding: FPCCI
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has said that the industrial sector in Pakistan has been expanding owing to encouraging policies and good initiatives of the present regime, as the construction package has started giving results while the CPEC second round is also generating demand. In a statement issued here on Monday, the country’s apex trade body chief observed that the SBP’s concessionary financing Temporary Economic Refinance Facility for plant and machinery imports is attracting an overwhelming responseRead More...
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