Morning Market Brief 23th Nov. 2020
Technical Overview
The Benchmark KSE100 had given bearish breakout of its major supportive region of 40,500pts during last week and have succeeded in sliding below its secondary supportive region of 40,200pts. As of now it's expected that index would continue its bearish journey towards 39,870pts where its 61.8% correction would complete of its last bullish rally and mean while a strong supportive region would try to establish ground against current bearish pressure, while breakout below that region would push index further downward till 39,700pts and 39,500pts in coming days where supportive trend line of its current descending wedge would try to push again index for a bullish spike. While on flip side index would face initial resistance at 40,350pts and breakout above that region would push index further upward till 40,500-40,660pts region. Daily and intraday momentum indicators are still in bearish mode therefore it's recommended to stay on selling side until index would not succeed in closing above 40,500pts on daily chart.
Regional Markets
Asian shares rise on hopes for rapid vaccine rollout
A broad gauge of Asian shares edged up to record highs on Monday morning as hopes for imminent coronavirus vaccines buoyed investor sentiment, but worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains.MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.38%, pushing past a previous record high touched on Friday. Trading activity was thin early in the Asian day, with Japanese markets closed for a holiday. Nikkei futures added 0.16% to 25,785 and Seoul’s Kospi was 0.84% higher. The regional index also got a boost from Australian shares which gained 0.81% as the country eased some COVID-19 restrictions. Most of the country has seen no new community infections or deaths in several weeks.Read More...
Business News
Gas companies request Ogra to increase tariff by up to 122.5 per cent
The Sui Northern Gas Pipeline Limited and Sui Southern Gas Company Limited have sought an increase of up to 122.5 per cent in the average prescribed gas prices for the Financial Year 2020-21. In its petition, SNGPL has sought an increase of around 122.5 per cent in the average prescribed gas prices from the existing Rs 631.41 per MMBTU to Rs1404.91 per MMBTU. The Sui Southern Gas Company Limited (SSGCL) has also sought an increase of Rs78.95 per MMBTU in the average prescribed gas prices which, if approved by OGRA, will increase the gas prices for the company to Rs822.25 per MMBTU from the existing Rs743.25 per MMBTU for the financial year 2020-21. Read More...
IRSA releases 111,600 cusecs water
Indus River System Authority (IRSA) on Sunday released 111,600 cusecs water from various rim stations with inflow of 49,100 cusecs. According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1499.61 feet, which was 111.61 feet higher than its dead level 1386 feet. Water inflow in the dam was recorded as 25,700 cusecs and outflow as 70,000 cusecs. The water level in the Jhelum River at Mangla Dam was 1188.10 feet, which was 148.10 feet higher than its dead level of 1040 feet whereas the inflow and outflow of water was recorded as 6,800 cusecs and 25,000 cusecs respectively. Read More...
Fisheries development can enhance exports
-Pakistan can make a quantum leap in export promotion of the country by upgrading its marine fisheries sector in collaboration with China. Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President S.M. Naveed told APP here Saturday that keeping in mind the sea potential of Gwadar and CPEC (China-Pakistan Economic Corridor), the marine fishing sector needed an urgent upgradation, for which Chinese methods of fishing and the fish processing technology could be highly useful. To a question, he suggested to bring Chinese expertise and investment in fisheries sector in case the government assures hand-holding coupled with conducive policies. Read More...
Apparel sector demands for removing restriction of extra power utilisation for SMEs
As the industry is awaiting the notification of the government’s recent energy relief package the apparel sector on Sunday appealed the Prime Minister to revise the decision and remove the restriction of additional utilisation of electricity to make the package more comprehensive and attractive for the SMEs which constitutes over 90 per cent of the industry. PRGMEA (Pakistan Readymade Garments Manufacturers & Exporters Association) Central Chairman Sohail A. Sheikh and Chief Coordinator Ijaz Khokhar, in a joint statement issued here, urged the concerned departments to issue notification of the incentive package regarding power tariff for the large, small and medium enterprises after amendments.Read More...
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