Morning Market Brief 20th Nov. 2020
Technical Overview
The Benchmark KSE100 index is caged in a triangle on hourly chart and had faced rejection from resistant trend line of this triangle during last trading session. As of now it's expected that index would try to establish ground above supportive trend line of this triangle but it's recommended to stay cautious and post trailing stop loss on existing long positions. It's expected that index would remain volatile during current trading session and some pressure would be witnessed initially which may push index towards 40,300pts where it would try to find support from a rising trend line. Currently index is caged between 40,200pts-40,660pts and breakout of either side would call for a further move of 300-500pts in respective direction. Hourly momentum indicators are mixed and this would increase uncertainty among investors. It's recommended either to stay side line or adopt swing trading until index gave a clear breakout of either 40,200pts in downward direction or 40,660pts in upward direction.
Regional Markets
Stocks wobble after Mnuchin pulls plug on U.S. stimulus
World financial markets were hit by a wave of uncertainty on Friday after U.S. Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury.n Asia, Japan's Nikkei .N225 stumbled 0.5% while South Korea's KOSPI index .KS11 was flat and Australian shares were mildly positive. Chinese shares were little changed with the blue-chip CSI300 index .CSI300 a shade firmer. That left MSCI's broadest index of Asia-Pacific shares excluding Japan .MIAPJ0000PUS up 0.2%. In a letter to U.S. Federal Reserve Chair Jerome Powell, Mnuchin said the $455 billion allocated to Treasury under the CARES Act should be instead available for Congress to reallocate.Read More...
Business News
Asad Umar vows to support ICCI for setting up new industrial estate
Asad Umar, Federal Minister for Planning, Development and Special Initiatives, has assured that he would fully support the ICCI in its endeavours for the establishment of a new industrial estate near Islamabad so that industrialisation would flourish in the region. He stated this while addressing a delegation of Islamabad Chamber of Commerce & Industry, which called on him led by Sardar Yasir Ilyas Khan, president. Khalid Javed, Shaban Khalid, Ch. Nadeem Gujjar and Taha Akbar Ansari were in the delegation.Read More...
Samba Bank signs agreement with Techlogix Mobility Pakistan
Samba Bank Limited has signed an agreement with Techlogix Mobility Pakistan to launch digital lending platform that streamlines online personal loan applications for salaried individuals. The Digital Loan is a short term and affordable loan product having maturity of one month delivered entirely via digital channels and disbursed in less than 30 seconds. Applying for digital loan through a mobile application offers several advantages for consumers like greater accessibility, transparency and the ability to apply for loans quickly and remotely. Samba Bank will require no in-person interaction to apply for digital loan. Read More...
CCP raids Cement Manufacturers’ Association’s office in Karachi
-The Competition Commission of Pakistan (CCP) on Thursday has carried out a search and inspection of the offices of Chairman and Vice Chairman of All Pakistan Cement Manufacturers Association (APCMA) located in Karachi. The CCP has exercised its powers under Section 34 of the Competition Act 2010, as part of an enquiry launched in May 2020 to investigate the possible anti-competitive activities by the cement manufacturers, carried out a search and inspection of the offices of Chairman and Vice Chairman of APCMA located in Karachi. Two different teams entered and searched the offices of the Chairman and Vice Chairman of APCMA located in Karachi and impounded the relevant record.Read More...
CCoE defers approval for unbundling of Sui gas companies
The Cabinet Committee on Energy on Thursday deferred the approval for the unbundling of the Sui gas companies and constituted a sub-committee to give recommendations on the gas sector reforms. The Cabinet Committee on Energy (CCoE), which met under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar, also directed to first explore the possibility of doing the reforms locally instead of hiring the consultants for the purpose, official sources said. The sources maintained that the meeting was informed that UFG is causing signification losses and its control is becoming increasingly difficult under the existing large bundled system.Read More...
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