Morning Market Brief 11th Sep. 2020
Technical Overview
The Benchmark KSE100 index is moving in a rising wedge inside a bullish price channel on daily chart and it's getting resistance from resistant trend line of this wedge since last week, As of now this trend line is going to generate a crossover with a strong horizontal resistant region at 42,900pts therefore it's recommended to stay cautious and post trailing stop loss on existing long positions because if index would not succeed in closing above this region during current trading session then this region would got more strength on Monday. While for current trading session index have major resistant regions between 43,300pts-43,500pts. Index would need huge volumes to close above 43,200pts and if required volume figures would not be maintained then it would start losing strength because daily momentum indicators are still bearish and these would get strength once index would succeed in closing above 43,500pts. In case of rejection from its resistant regions index would try to find ground initially at 42,200pts while breakout below that region would start adding more pressure and next supportive region would fall between 42,000pts-41,900pts.
Regional Markets
Shares struggle to shake off bearish mood as U.S. tech giants fall anew
Asian shares struggled to stem a bearish mood on Friday after U.S. big tech firm shares fell again overnight on growing doubts about U.S. stimulus and worries about their stretched valuations. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.2%, hovering just above a one-month trough touched earlier this week. Japan's Nikkei .N225 rose 0.3%. Souring the mood, the U.S. Senate on Thursday killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing.Read More...
Business News
Industries minister, manufacturers called to explain reasons of cars’ higher prices
While expressing concerns over the rising prices of automobiles in the country, a parliamentary committee on Thursday has decided to call Federal Minister for Industries and Production and representatives of automobile manufacturers in next meeting to explain the reasons of higher prices. Senate standing committee on Industries and Production, which met under the chair of Senator Ahmad Khan, has discussed the issue of rising cars prices in the country. The committee members have noted that automobile companies are increasing the prices without brining any improvement or additional facilities in the vehicles. They said that people could not think to buy new cars due to their higher prices.Read More...
Govt working to establish link between FBR, NADRA to broaden tax base
The government is working to establish a link between Federal Board of Revenue (FBR) and National Database and Registration Authority (NADRA) to broaden the tax base of the country. A FBR policy board has stressed on the need to establish a link between NADRA and FBR for data sharing and data analytics. He created a sub-group of members to point out and sort the difficulties that are hindering the progress on the data sharing issue between the two organisations. This sub-group consists of Mr. Hammad Azhar, Dr. Ishrat Hussain, Mr.Faiz Kamoka, FBR Chairman and NADRA Chairman; the subgroup will share its report with the chairman in a week.Read More...
Pakistan gold reserves rise by 20pc to $3.04b, reports ADB
Pakistan’s gold reserves increased by 20 per cent during the fiscal year 2018-19 to $3.04 billion as compared to the preceding year’s reserves of $2.534 billion, the Asian Development Bank (ADB) said in a report issued on Thursday. The annual statistical report “Key Indicators for Asia and the Pacific 2020”, presents a comprehensive set of economic, financial, social, and environmental indicators, including for the Sustainable Development Goals (SDGs), for ADB’s 49 regional members covering the years from 2000 to 2019. A key statistic in the report highlights how the region has become the biggest contributor to global gross domestic product (GDP), reaching a 34.9 per cent share in 2019 from 26.3 per cent in 2000.Read More...
WB’s ongoing portfolio in Pak is $10.4b for 52 projects
The World Bank’s ongoing portfolio in Pakistan is $10.4 billion for 52 projects. The World Bank’s financing for federal development projects amounts to $6 billion while the Bank is providing $1.9 billion to Punjab, $1.9 billion to Sindh, $0.4 billion to Khyber Pakhtunkhwa and $0.2 billion to Balochistan. This was told in a high-level Portfolio Review Meeting of World Bank-funded projects in Pakistan chaired by Minister for Economic Affairs Makhdum Khusro Bakhtyar. The meeting was attended by Planning Commission Deputy Chairman, World Bank Country Director and relevant federal & provincial senior officials.Read More...
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