Morning Market Brief 4th Dec. 2020
Technical Overview
The Benchmark KSE100 index had faced rejection from a strong horizontal resistant region during last trading session and had closed below its initial resistance f 42,200pts. Mean while daily stochastic have generated a bearish crossover which indicates that index may start a bearish reversal if daily MAORSI would join this reversal trend, it’s expected that index would start the day with a slight dip which may lead index towards 41,880pts where it would try to find support from a strong horizontal supportive region while breakout below that region on daily chart would push index towards 41,500pts. It’s recommended to stay cautious because index would remain volatile during current trading session and it’s expected that index would try to recover from its dip till day end therefore it’s recommended to avoid short selling. While on flip side index would face initial resistance at 42,500pts which would be followed by 42,860pts in case of reversal. Index would be considered in range bound situation until it would not succeed in penetration below resistant trend line of its previous triangle’s resistant trend line or above its previous top of 42,860pts while breakout above this region would call for 43,500pts. It would be considered in retesting mode of that trend line unless it would succeed in closing below 41,200pts.
Regional Markets
Asia stocks set for small gains as U.S. advances fiscal stimulus
Investors in Asia geared up for modest stock gains on Friday as U.S. legislators wrangled over a fiscal stimulus and negotiations over a Brexit trade deal continued.MSCI’s gauge of stocks across the globe shed 0.02%. Australia’s S&P ASX 200 rose 0.26%. Japan’s Nikkei 225 futures added 0.13% and Hong Kong’s Hang Seng index futures were flat. Wall Street stocks were mixed, with the Nasdaq closing at a record high, lifted by Tesla Inc, while the S&P 500 fell after a report that Pfizer Inc had slashed the target for the rollout of its COVID-19 vaccine.Read More...
Business News
Sindh assures to acquire remaining land for K-IV water project
The Sindh government has Thursday assured the federal government that the remaining land acquisitions for Greater Karachi Water Supply Project (K-IV) as soon as possible. Minister for Planning Development and Special Initiatives Asad Umar Thursday held a meeting to discuss progress on Greater Karachi Water Supply Project (K-IV). MNA Najeeb Haroon, Chairman WAPDA, Chairman, P&D Government of Sindh, Ministry of Water Resources and senior officials attended the meeting. Chairman WAPDA gave a detailed presentation on the project including its physical and financial progress, issues associated with the project and decisions required for the implementation of the project under new arrangements. Read More...
PM’s construction package for builders, developers in full swing
Federal Board of Revenue and Naya Pakistan Housing Development Authority have reminded the public and construction sector investors that the Prime Minister’s construction package for builders and developers is in full swing. The package was promulgated through Tax Laws (Amendment) Ordinance, 2020 whereby a new section 100D and Eleventh Schedule were inserted in Income Tax Ordinance 2001. The construction package of the Prime Minister is very vast in scope and offers handsomely attractive tax incentives. The package is applicable to both the builders and developers of the land and covers both the new and existing construction and development projects.Read More...
SSGC to meet increased gas demand with additional RLNG injection
The Sui Southern Gas Company (SSGC), which is mainly responsible for supplying gas in Sindh and Balochistan provinces, has evolved an effective strategy to meet the increased commodity demand during the peak winter season by injecting additional RLNG in its transmission network. “This year, around 160 MMCFD (Million Cubic Feet per Day ) gas is expected to be short supplied from the fields and the SSGC will face a shortage of around 250-300 MMCFD gas this winter. This shortfall will be met by injecting RLNG in the system,” according to an official document available with APP.Read More...
4.6m cotton bales reach ginneries across Pakistan
Seed cotton (Phutti) equivalent to over 4.6 million or exactly 4,648,092 bales have reached ginning factories across the country till Dec 1, 2020, registering a 37.59 per cent shortfall compared to the corresponding period of last year when arrivals were recorded well over seven million bales. According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released to media on Thursday, over 4.2 million or 4,289,988 bales have undergone the ginning process i.e converted into bales. Cotton arrivals in Punjab were recorded at 2.6 million or 2,634,487 bales while Sindh generated just over 2 million or 2,013,605 bales. Just over 3.75 million or 3,754,750 bales have been sold out with a major chunk of it, 3.7 million (3,709,450) bales, bought by textile mills and remaining 45,300 by exporters. Read More...
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