Morning Market Brief 14th Dec. 2020
Technical Overview
The Benchmark KSE100 index have continued its bullish journey during last week and closed with a positive note on last trading session of this week. Mean while daily momentum indicators have inched up to support current bullish sentiment. As of now hourly momentum indicators are in bearish mode which indicates that index can start a dip on intraday basis which would be considered healthier for current bullish sentiment and buying on dip would be beneficial for day trading. For current trading session index have resistant regions ahead at 42,890pts where it’s being capped by a strong horizontal resistant region, breakout above this region would call for 43,270pts and 43,500pts where it would face resistance from resistant trend line of its current bullish price channel along with a strong horizontal resistance. While on flip side in case of bearish pressure index would find initial support at 42,200pts which would be followed by 41,890pts. But it’s recommended to stay cautious because index have a weekly double top ahead at completion of its cup and handle formation on weekly chart which may push index into troubled waters if it would not succeed in closing above this region. Meanwhile weekly Bollinger band have squeezed enough at its peak which indicates that a major breakout would take place on either side. While on long term basis index would enter into bullish zone once it would succeed in closing above 42,860pts on daily or weekly chart. Weekly MACD is still in uncertain zone and if it would not start moving towards new high then index would have to take a dip on short-term basis to follow the indicators.
Regional Markets
Global stocks look for vaccine-led recovery, U.S. stimulus
Stocks started a busy week with guarded gains as investors gauged the chance of added U.S. fiscal and monetary stimulus, while the British pound rose in relief as a last-gasp extension to Brexit talks dodged a hard divorce.E-Mini futures for the S&P 500 responded by rising 0.5%, while March Treasury bond futures slipped 4 ticks. EUROSTOXX 50 futures added 0.6% and FTSE futures 0.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having hit a string of record highs last week. Japan’s Nikkei added 0.6% as a survey showed the mood among hard-hit Japanese businesses had improved in the December quarter.span class="label label-success float-right">Read More...
Business News
Italy sees promising trade potential in Pakistan
The Italian Ambassador to Pakistan, Andreas Ferrarese said here on Sunday that he perceived more trade potential between Pakistan and Italy in different sectors of the economy that would help evolve trade equilibrium between both the sides. “Both the sides want equilibrium and to achieve trade balance as currently, Pakistan had a trade surplus in bilateral trade with Italy as was observed in FY 2019-20,” the ambassador said this in an interview with APP. Replying to a question he said Pakistan exports to Italy were $731million during 2019-20 while Pakistan’s major exports to Italy included textile, leather, rice, ethanol, including textiles articles, sets, worn clothing, Cotton, apparel, crocheted, Cereals, raw hides and skins, leather, beverages, spirits and vinegar, Plastics, footwear and gaiters.Read More...
IRSA releases 70,500 cusecs water
Indus River System Authority (IRSA) on Sunday released 70,500 cusecs water from various rim stations with inflow of 54,200 cusecs. According to the data released by IRSA, the water level in the Indus River at Tarbela Dam was 1476.01 feet, which was 84.01 feet higher than its dead level 1386 feet. Water inflow in the dam was recorded as 25,400 cusecs and outflow as 25,000 cusecs. The water level in the Jhelum River at Mangla Dam was 1,171.65 feet which was 131.65 feet higher than its dead level of 1040 feet whereas the inflow and outflow of water was recorded as 11,300 cusecs and 28,000 cusecs respectively. The release of water at Kalabagh, Taunsa and Sukkur was recorded as 50,100, 38,300 and 9,000 cusecs respectively. Similarly, from the Kabul River, a total of 10,300 cusecs of water was released at Nowshera and 2,000 cusecs released from the Chenab River at Marala.Read More...
181 Pakistani exhibitors start online business at China-South Asia Online Expo
Around 181 Pakistani online exhibitors are participating in the everlasting China-South Asia Online Expo 2020 kicked off in Kunming, Yunnan province of China. Among them, there are a lot of Pakistani food companies, which were uncommon in the Kunming expo before, China Economic Net (CEN) reported on Sunday. Without the limitation of space, the display of commodities this year becomes more varied. There are also exhibitors displaying fresh seafood products, which were never seen on the offline expo before. “Online expo has more potential. In the offline exhibition, I cannot display all of my products, while the online expo gives me opportunities to show more,” said Farooq Ahmed, a Pakistani exhibitor of a clothes company. Farooq informed that one disadvantage of the online expo is that people can copy others’ products or make fake products more easily. Read More...
10 economic zones to be established in Rawalpindi
The stakeholders have called for the execution of equitable tariff regime for the transportation of RLRawalpindi Development Authority (RDA) Chairman Tariq Mehmood Murtaza has said that 10 economic zones would be developed along Rawalpindi Ring Road (RRR) which would help boost economic activities in Rawalpindi region. Tariq Mehmood said that the incumbent government was well aware of the problems being faced by the traders and businessmen. He said, “We are making all-out efforts to provide a conducive environment to the business community and 10 economic zones will be developed along Rawalpindi Ring Road like Faisalabad Industrial Zone.” He said all possible steps would be taken to implement recommendations of the businessmen. He said the Punjab government would encourage the industrialists and provide all possible facilities to the investors under the Ring Road project.Read More...
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