Morning Market Brief 11th Nov. 2020
Technical Overview
The Benchmark KSE100 index had faced rejection from resistant trend line of its descending wedge during last trading session and have moved downward to fill its gap, mean while index have completed 50% correction of its yesterday's spike on same day. As of now it's expected that index would initial take a dip to complete its deep correction and would try to establish ground between 41,000pts-40,800pts where it would try to find ground above a strong horizontal supportive region. For day trading it's recommended to start buying on dip with strict stop loss of 40,600pts. It's expected that index would start recovery before day end and it would try to retest its resistant region today or tomorrow. It would remain in uncertain region until it would not succeed in closing above 42,000pts because below that its being capped by two major resistant objects, initially resistant trend line of its descending wedge would react as major resistant region around 41,600pts while in case index would succeed in penetration above this then it would face next resistance around 41,800pts where a daily double top would try to cap bullish sentiment. Therefore it's recommended to stay cautious and post trailing stop loss on existing long positions until index would not succeed in closing above 42,000pts.
Regional Markets
Global stocks up as vaccine shields against second-wave worries
Stock markets gained on Wednesday, as news of a working COVID-19 vaccine seemed to inoculate investors against worry about surging infections in Europe and the United States, while the kiwi rose as traders thought the central bank sounded upbeat.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% and Japan’s Nikkei rose 1%, although most of the action was switching between sectors within markets, as investors shift from coronavirus winners into some of the hardest hit sectors. Banks, for example, made modest additions to Tuesday gains, as did energy and some travel stocks while tech companies fell. Oil futures sat by two-month highs on anticipation of better demand in a post-pandemic world.Read More...
Business News
Pakistan can save $5b by scaling up renewable energy, suggests WB
New World Bank study suggested that Pakistan should quickly implement a major scale-up of solar and wind generation. Variable Renewable Energy (VRE) Integration and Planning Study finds that Pakistan needs to urgently implement a major expansion of solar and wind (variable renewable energy), to achieve a share of at least 30 per cent of total capacity by 2030. Achieving a least cost electricity mix in Pakistan would require a rapid expansion of VRE, reaching at least 20 per cent of installed capacity by 2025, and at least 30 per cent by 2030.Read More...
BOI to organise ‘CPEC Investment Conference’ on 25th
The Board of Investment (BOI), Pakistan is planning to organize ‘China Pakistan Economic Corridor (CPEC) Industrial Cooperation Business to Business (B2B) Investment Conference’ on November 25. The BOI would organize a CPEC, Industrial Cooperation Business to Business (B2B) Investment Conference in Peshawar in collaboration with the KPBOIT, said in a press release issued here. The Project Director of PMU, CPEC Industrial Cooperation, BOI, Asim Ayub said that this B2B Investment Conference would focus on CPEC priority sectors to facilitate cooperation and linkages between Pakistani and foreign businessmen and entrepreneurs.Read More...
Pak products attract visitors at West China logistics expo
Pakistani products have attracted a large number of visitors at the West China (Chengdu) International Supply Chain and Smart Logistics Expo 2020 opened in Chengdu, China. As one of the supply chain representatives in this logistics exhibition, Sichuan Chinbreez Import and Export Company displayed Pakistani wooden furniture, carpets, and clothing, etc. “Our company was founded two years ago in Chengdu by me and my Pakistani partner Khan,” said Vivian Yang, co-founder of Sichuan Chinbreez, a Chinese businesswoman. Her business partner Khan is a Pakistani living in Guangzhou, China for four years, China Economic Net (CEN) reported on Tuesday.Read More...
Pakistan’s exports to France decrease 16.09pc
Pakistan’s exports of goods and services to France witnessed a decrease of 16.09 per cent during the first quarter (Q1) of current financial year (2020-21) as compared to the exports of corresponding period of last year, State Bank of Pakistan (SBP) reported. The overall exports to France were recorded at $91.175 million during July-September (2020-21) against exports of US $108.664 million during July-September (2019-20), showing decline of 16.09 per cent, SBP data revealed. On year-to-year basis, the exports to France also dipped by 1.78 per cent by going down from $32.718 million in September 2019, against the exports of $32.135 million in September 2020.Read More...
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