Morning Market Brief 25th Nov. 2020
Technical Overview
The Benchmark KSE100 is trying to establish ground above a rising trend line which is also supportive trend line of its descending wedge and have tried to bounce back after getting support from this line during last trading session. As of now it's expected that index would continue its pull back on intraday basis which may lead index toward 40,200pts where its being capped by a descending trend line, while it would be considered in bearish zone until it would not succeed in closing above 40,500pts on daily closing basis. For day trading it's recommended to stay on buying side and add long positions as long as index is trading above 39,500pts and post strict stop loss on 39,200pts. Daily closing below 39,200pts would gave a bearish breakout of its descending wedge in downward direction which would be more dangerous on short term basis. It's recommended to adopt wait and see strategy for initiating new long positions for short term trading until index would not succeed in closing above 40,200pts-40,500pts region.
Regional Markets
Stocks rise as vaccines, Biden presidency lift global confidence
Asian stocks made early gains on Wednesday, following a world rally overnight that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlookAustralia’s S&P/ASX 200 rose 0.77% and Japan’s Nikkei 225 gained 1.16% in early trading. Hong Kong’s Hang Seng index futures rose 0.24%.E-mini futures for the S&P 500 rose 0.17% and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.36%. “Sentiment is running very hot as we come to the end of a cracker month for risk assets, so it does make you wonder whether the market is starting to exhibit signs of euphoria, and is due for a bit of a retracement in the short-term,” said IG Australia markets analyst Kyle Rodda..Read More...
Business News
Nepra puts off X-Discos petition for increase in power tariff by Re0.86/unit
NEPRA has deferred hearing on Ex-Wapda Distribution Companies (X-DISCOS) petition, for the increase of power tariff by Re0.86 per unit under quarterly adjustment, as it has find the response of the distribution companies unsatisfactory. In a public hearing presided over by NEPRA Chairman Tauseef.H. Farooqi, the regulator has shown dissatisfaction over the Discos response on the petitions regarding power tariff hike on account of variation in Power Purchase Price (PPP) for the 4th quarter of 2019-20 and deferred the hearing.Read More...
2800 bags of wheat seed, fertilizer distributed among 350 farmers
The Japan International Cooperation Agency (JICA) with the support of provincial government of Punjab and Asian Chapter of Community World Service (CWS) on Tuesday distributed 2800 bags of wheat seed and fertilizer amongst 350 small farmers of district Muzaffargarh who were affected by the recent locust attack. “The government of Japan is fully committed to support Pakistan for rehabilitation of the agriculture activities, particularly in the locust-affected areas of the country,” said the officials. The distribution of seed and fertilizer amongst the farmers was part of the pilot project “Livelihood for Small Farmers affected by Locust in Punjab” during mid of October 2020, by JICA. Read More...
Call for setting up marble industrial parks
Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President SM Naveed said that export quantum of marble and granite could be increased manifolds by establishing marble industrial parks in collaboration with China under CPEC to effectively utilize the valuable marble reserves of the country. He expressed these views here in a Think-Tank session that was also attended by Daud Ahmed, Senior Vice President, Khalid Raffique Chaudhry, Vice President, Salahuddin Ahmed Hanif, Secretary General and a number of the executive committee members of PCJCCI. Read More...
Chinese team calls on Punjab industries minister
A two-member delegation of Oreal Ceramics of China comprising Executive Director Liu Fen Chao and Director Wu Jian Bin called on Minister for Industries Mian Aslam Iqbal at his office on Tuesday. During the meeting, Liu Fen Chao said that his company is investing 70 million dollars in Bhalwal but facing different issues including electricity and gas connection for setting up an industrial unit. The minister directed the officials concerned to immediately solve all the problems relating to the establishment of an industrial unit by the Chinese company and made it clear that no hindrance will be tolerated in the process of investment. Read More...
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