Morning Market Brief 26th Nov. 2020
Technical Overview
The Benchmark KSE100 index have continued its bullish pull back during last trading session and have recovered 61.8% of its recent bearish expansion while 50% correction of its overall bearish rally have been covered till day end yesterday. As of now it's being capped by a strong resistant region between 40,500pts-40,760pts therefore it's recommended to stay cautious and post trailing stop loss on existing long positions. It's expected that index would start the day with a positive spike which may lead index towards its resistant regions from where it would face rejection and it may start declining for a correction, which may result in a volatile session. For day trading swing trading is recommended and it's also recommended to start profit taking from existing long positions. On flip side index would try to establish ground above 40,000pts initially in case of bearish pressure while breakout below that region would push index towards 39,860pts-39,730pts.
Regional Markets
Asian shares slip as investors pause for breath after massive rally
Asian shares dipped slightly on Thursday as the hot run up in global markets took a breather, with investors switching their focus from vaccine hopes to disappointing U.S. jobs data and new COVID-19 lockdowns.Australia’s S&P/ASX 200 dipped 0.12%, while Japan’s Nikkei 225 index slipped 0.16%. Hong Kong’s Hang Seng index futures were up 0.16%. E-mini futures for the S&P 500 fell 0.10%.MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.57%, having earlier hit a record high. On Wall Street, the S&P 500 index and the Dow Jones Industrial Average 0.58%, the S&P 500 lost 0.16% and the Nasdaq Composite increased 0.47%.Read More...
Business News
Govt hints at increasing power, gas tariff in phases
The government on Wednesday indicated that electricity and gas rates would be gradually increased over the next few years, conceding that circular debt in the power sector had increased by about Rs470 billion due to Prime Minister Imran Khan’s decision to freeze tariff in January as well as steep rupee depreciation. Speaking at a hurriedly called news conference with Information Minister Shibli Faraz, Special Assistant to the Prime Minister on Petroleum Nadeem Babar said due to change in ground realities, the target of bringing down circular debt to zero by next month as agreed to with multilateral lending agencies could not be met.Read More...
PM Khan speaks with global CEOs on strategic priorities in post-pandemic era
The World Economic Forum yesterday hosted a “Special Dialogue with Prime Minister Imran Khan” for its members and partners, chaired by Forum President Børge Brende. The session gave chief executives from across the world an opportunity to hear directly from the prime minister on the factors behind Pakistan’s resilience to the economic shocks of the pandemic and his country’s post-COVID-19 recovery strategy.Read More...
No gas shortage, claims Babar
Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar has said that the circular debt is not going to be zero next month as the government, per commitment with IMF, didn’t increase the electricity tariff in January 2020 due to high inflation and Corona. Talking to media along with Minister for Information and Broadcasting Syed Shibli Faraz, Nadeem Babar further shared some of the data related to power and gas sectors of the country and negated the impression created in recent media reports.Read More...
PM for ensuring all necessary support to textile sector
Prime Minister Imran Khan has directed the Commerce and Industries Ministries to ensure all necessary support to the textile sector. In his tweets on Wednesday, he pointed out that Faisalabad textile industry is seeing a massive rise in demand and export orders. He said his instructions to the relevant ministries are aimed at enabling the textile industry meet their growing demands. Imran Khan said the textile sector is one of a number of positive developments in our economy despite COVID-19. Prime Minister Imran Khan has directed the Commerce and Industries Ministries to ensure all necessary support to the textile sector. On November 19, Prime Minister Khan had directed the authorities concerned to resolve the problems facing the textile industry in Faisalabad at the earliest.span class="label label-success float-right">Read More...
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