Morning Market Brief 21st Dec. 2020
Technical Overview
The Benchmark KSE100 index is moving in a bullish price channel on daily chart and it's getting resistance from its initial resistant regions since last week, as of now it's expected that index would start the day with an initial dip which may prolong towards 43,500pts where index would to establish ground above a strong horizontal supportive region but breakout below that region would call for 43,250pts but later on slight recovery could be witnessed before day end therefore it's recommended to stay cautious and buying on dip with strict stop loss could be beneficial for day trading. While it's recommended to wait for a correction or breakout above 44,200pts to initiate new long positions for short term investment. Index would face initial resistance between 44,000pts-44,076pts during current trading session while breakout above this region would push index further advance and it would try to target 44,200pts-44,300pts region. Overall sentiment would remain bullish until index would not close below 42,500pts.
Regional Markets
Stocks, sterling unsettled as new virus strain shuts UK
Asian stocks faltered on Monday as unease over a new coronavirus strain that was shutting much of the United Kingdom offset news a deal had finally been struck on a long-awaited U.S. stimulus bill. Sterling slid 1.1% to $1.3370 after several European countries closed their borders to the UK as the country entered a tougher lockdown to fight a new strain of coronavirus. Prime Minister Boris Johnson will chair an emergency response meeting on Monday to discuss international travel and the flow of freight in and out of Britain. That combined with the lack of a Brexit deal to cut 1% off FTSE futures, while EUROSTOXX 50 futures shed 1.5%. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2% after hitting a string of record peaks last week. Japan’s Nikkei reversed early gains to be down 0.6%, off its highest since April 1991.
Read More...
Business News
Businessmen ask PM for extension in income tax filing deadline
Businessmen on Sunday appealed to the Prime Minister for the grant of extension in date for income tax returns for the tax year 2020. FEBR President Kashif Anwar said that PM Imran Khan himself should take notice of the grave situation, as FBR’s last date for filing income tax returns has expired on Dec 8, 2020, while the taxpayers want some relaxation in the deadline given only 1.67 million income tax returns filed, which fell short of even last year’s figure by nearly 1.3 million. “It is beyond understanding that despite a massive reduction in the number of income tax return filers for the tax year 2020, the FBR has taken the stance that it will not grant any further extension in the last date for filing returns despite that taxpayers are facing difficulties of calculation errors on the IRIS portal, besides the working environment is not friendly due to the spread of coronavirus,” he added.
Read More...
Commerce ministry sets exports target at $26 billion in three years
Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood on Sunday said commerce ministry was resolved to achieve $26 billion export target in next three years by exploring new trade markets across the world. The trade diversification, regional trade integration through Gwadar Port and exploring the new market like Africa region, North and South America and enhancing the production of engineering good for increasing export are the main agenda of the government to boost exports, the adviser told APP here in an exclusive interview. He said regional trade and economic integration would play a huge role in enhancing connectivity with the Central Asian States and Afghanistan. Another major focus is on expanding the role of the digital economy and connecting with the international market to increase exports and create new employment opportunities for youth, he said.
Read More...
Pakistan’s measures to uplift textile production lauded
The present government of Pakistan has taken special measures to further develop the textile industry and recently announced a lucrative energy package to help recuperate from the COVID-19 shock was also commendable. These views were expressed by Cheng Xizhong, visiting professor at Southwest University of Political Science and Law said here on Sunday. Recently announced lucrative energy package to help textile industry with peak electricity rates offers reduced tariffs on additional power consumption and fixes power price at $ 0.07 a unit and gas tariff at $ 0.065 per MMBtu, Cheng, also a senior fellow of the Charhar Institute said in his article published by China Economic Net (CEN).
Read More...
Tractors production increases 19.83pc
The production of farm tractors in the country witnessed an increase of 19.83 per cent to 19,041 units during first five months of the current financial year 2020-21, against the production of 15,890 units in the same period of last year. During July-November 2020-21, the production of trucks, however, witnessed a declining trend as it went down to 1,326 units as compared to 1,480 units last year, showing a decrease of 10.40 per cent, latest data of Pakistan Automobile Manufacturing Association (PAMA) revealed. Similarly, the output of buses plunged to 233 units during the period under review from 271 units last year, showing a decrease of 14.02 per cent. Production of pickups also decreased by 4.27 per cent to 6,957 units from 7,268 units last year whereas 3,252 units of LCVs, vans, and Jeeps were manufactured during first five months of FY 2020-21 in the country compared to 1,893 units during the same months of last year, thus showing an increase of 71.79 per cent.
Read More...
Disclaimer
Information and opinions contained herein have been compiled or arrived at by Us from publicly available information and sources that We believe to be reliable. Whilst every care has been taken in preparing this research report, no research analyst, director, officer, employee, agent or adviser of any member of Our Team gives or makes any representation, warranty or undertaking, whether express or implied, and accepts no responsibility or liability as to the reliability, accuracy or completeness of the information set out in this research report. This research report is for information purposes only and does not constitute nor is it intended as an offer or solicitation for the purchase or sale of securities or other financial instruments. Neither the information contained in this research report nor any future information made available with the subject matter contained herein will form the basis of any contract.
High Risk Investment
Trading foreign exchange, Commodities and Equities (Stocks) on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, Commodities and Equities (Stocks) you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss in excess of your initial investment. You should be aware of all the risks associated with foreign exchange, Commodities and Equities (Stocks) trading and seek advice from an independent financial advisor if you have any doubts.
Market Opinions
Any opinions, news, research, analyses, prices or other information contained on in this report is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Accuracy of Information
The content of this report is provided for the sole purpose of assisting traders to make independent investment decisions. We have taken reasonable measures to ensure the accuracy of the information on the website; however, it does not guarantee accuracy and will not accept liability for any loss or damage which may arise directly or indirectly from the content or from your inability to assess the report, or for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through this report.
RESPONSIVE
12
CSS
3
HTML
1
JAVASCRIPT
28
DESIGN
6
DEVELOPMENT
3