Morning Market Brief 12th Nov. 2020
Technical Overview
The Benchmark KSE100 index had bounced back in bullish direction after filling its gap on hourly chart and completion of its intraday correction during last trading session. Mean while supportive trend line of its bullish price channel have tried to push index back on bullish track. As of now it's expected that index would remain volatile during current trading session and some kind of swing trading could be beneficial for day trading. Hourly momentum indicators have changed their directions towards bullish side therefore it's expected that index would start the day with bullish sentiment and would start moving in bullish direction, initially it would face resistance around 41,560pts while breakout above that region would call for 41,860pts-41,930pts. It's expected that index would try to format a doji formation on daily chart today therefore it's recommended to adopt swing trading in both directions and it seems that index would take a dip after an initial spike and it would try to find support around 40,900pts-40,800pts while breakout below that region would call for 41,600pts. Mean while before day index would try to neutralize its momentum and a doji formation would take place with a slight change in closing prices.
Regional Markets
Asian stocks hold vaccine-driven gains after U.S. defensive shift
Stocks in Asia were set to continue their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine.Australian S&P/ASX 200 .AXJO shares rose 0.29% in early trading, while Japan's Nikkei 225 futures NKc1 fell 0.2% and Hong Kong's Hang Seng index futures HSIc1 rose 0.56%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.01% higher. The gains in Asia came after a mixed performance for U.S. stocks. The Nasdaq closed up 2% on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress and the likely timing of an economic rebound.Read More...
Business News
Transfer burden of Rs82.69 billion to electricity consumers, demand X-Discos
Ex-Wapda Distribution Companies (XDISCOS) have sought to transfer the burden of Rs82.697 billion to the electricity consumers on account of variation in Power Purchase Price (PPP) for the 4th quarter of 2019-20, which will further increase the power tariff. In a petition filed with the NEPRA X-Wapda DISCOs have filed their adjustment request on account of variation in Power Purchase Price (PPP) which includes capacity Purchase price, variable O&M, UoSC & MoF and impact of T&D losses on monthly FPA, for the 4th quarter of the FY20 19-20 i.e. from April to June 2020 and requested for allowing transfer of Rs82.697 billion to consumers.Read More...
FBR, Nadra sign MoU to automate tax collection system
Federal Board of Revenue (FBR) and National Data and Registration Authority (Nadra) on Wednesday has signed Memorandum of Understanding (MoU) to automate tax collection system to facilitate the taxpayers. In line with the vision of the Prime Minister to automate tax collection system to facilitate the taxpayers, Federal Board of Revenue under the guidance of Special Assistant to Prime Minister on Revenue, has signed MoU with NADRA for real-time verification of CNICs and associated details. Linking NADRA and FBR systems will help improve FBR’s service delivery standards for taxpayers as it will help to automate tax refunds pre-fill data in withholding statements and tax returns.Read More...
Lahore Chamber to be made part of economic policy formulation: Suri
Lahore Chamber of Commerce and Industry (LCCI) will take part in the economic policy making process, National Assembly Deputy Speaker Qasim Khan Suri assured this while speaking at the LCCI on Wednesday. Qasim khan Suri said the business community is more than welcome to participate in the standing committees of the parliament related to the trade, finance and economy. The government will listen to the business community and will work hand in hand with them to further the business activities in the country.Read More...
Pakistan, WB discuss multi-sectoral initiatives
Pakistan and World Bank on Wednesday have discussed a range of initiatives being undertaken in various areas, including energy, debt management, GST harmonisation and strengthening financial management. Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired a meeting here at the Finance Division with Country Director WB Mr. Najy Benhassine, Ms. Melinda Good, Operations Manager WB, Mr Rikard Liden, Lead Energy Specialist (joined through video conferencing) and Mr. Shabih participated from the World Bank while Mr. Tabish Gohar SAPM on Power, Mr. Kamran Ali Afzal Special Secretary Finance and Chairman FBR participated as government’s management team. Read More...
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