Morning Market Brief 1st Dec. 2020
Technical Overview
The Benchmark KSE100 index have created a bullish engulfing pattern on daily chart during last trading session but it still have not succeeded in giving a bullish breakout above resistant trend line of its daily triangle, mean while a daily triple top formation have been formatted therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. For current trading session index have initial resistance at 41,200pts which would be followed by 41,500pts in case of bullish breakout while daily and hourly momentum indicators are trying to generate bearish crossovers therefore it's expected that index can face rejection from its resistant regions. While on flip side in case of facing rejection from its resistant regions index would try to find support initially at 40,860pts while breakout below that region would push index further downward towards 40,500pts. It's recommended to start profit taking or start selling on strength for day trading with strict loss of 41,500pts.
Regional Markets
Asian shares open higher following stellar month of gains
Asian share markets opened slightly higher on Tuesday buoyed by the prospect of a COVID-19 vaccine, reversing the previous day’s dips as investors took profits at the end of a record-breaking month.MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.26% on Tuesday after closing the month 9% higher, the best November since 2001. Japan’s Nikkei and Australia’s S&P/ASX 200 were each 0.9% higher, while South Korea was up 1.4%. China’s blue-chip CSI300 index was 0.72% higher on Tuesday, after data on Monday that pointed to a continued recovery in the world’s second-largest economy against the backdrop of the COVID-19 pandemic.Read More...
Business News
WEF, PSDF collaborate to set Pakistan’s future skills agenda
Top leaders from across the public and private sector gathered at a press conference the other day, to discuss the future of jobs in Pakistan, in light of the World Economic Forum Report. Present at the event were, Parwaaz co-chairs, Sayed Zulfikar Abbas Bukhari (SAPM Overseas Pakistanis & Human Resource Development), Muhammad Aurangzeb, President & CEO HBL, Ghias Khan, President & CEO Engro Corporation, Irfan Wahab Khan, CEO Telenor Pakistan and Chairman Telenor Microfinance Bank as well as top business leaders including, Monis Rahman, CEO & Founder Naseeb Networks, Asif Peer, CEO Systems Limited, Ehsan Saya, Managing Director Daraz.pk and Jawad Khan, CEO PSDF.Read More...
ZTBL embarks upon diversification of its lending operations
Zarai Taraqiati Bank Limited (ZTBL), with recent structural reforms in place by the management, has embarked upon diversification of its lending operations in new lending ventures/areas. These areas include agriculture value added, agri supply chain relationships. In this regard, the Bank introduced “Rural Development Scheme for Azad Jammu and Kashmir (AJK)” aiming at dairy and livestock development. Similarly, a scheme for “Establishment of Silage Units” is also launched across the country to increase dairy and livestock productivity by providing nutritional stored forage to animals. The Bank also launched “Financing scheme for Milk Chilling Unit” to support value addition of dairy products and dairy supply chain efficiency.Read More...
Textile sector’s problems will be solved on priority basis: Minister
All Pakistan Textile Mills Association delegation, led by its Chairman Adil Bashir, called on Minister for Industry and Commerce Mian Aslam Iqbal on Monday. Chairman APTMA apprised the minister about the issues related to water charges, excise duty, electricity and social security audit of industries. Mian Aslam Iqbal said that textile is an important sector of the national economy and its problems will be solved on priority basis. He said that huge export orders for textile sector is a good omen. He said the government cannot afford to close the factory even for a day. He said that the country was facing another severe wave of corona and cases were on the rise. Read More...
Provinces asked to work out plan to ensure smooth supply of perishable items
National Price Monitoring Committee (NPMC) has stressed that provincial governments should workout plan to ensure smooth supply of perishable items to avoid any undue price hike. Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired a meeting of NPMC. The NPMC reviewed the price trend of the essential commodities namely wheat flour, sugar, tomatoes, onions, vegetable ghee, potatoes and chicken on weekly basis. The finance secretary, while presenting the price trend of essential commodities, informed that according to latest SPI released by PBS, there is decline in the prices of 10 essential commodities for instance wheat flour, sugar, onions, tomatoes and chicken while the prices of 11 commodities have increased slightly. Read More...
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