Morning Market Brief 17th Jul. 2020
Technical Overview
The Benchmark KSE100 index have reached its correction zone on daily and weekly charts and it's still showing strength on daily time frame therefore it's expected that index would try to penetrate above35,200pts during current trading session because it have penetrated resistant trend line of its rising wedge on daily chart which shows that index would try to move forward and breakout above 37,287pts would call for 37,500pts. It's recommended to stay cautious and avoid initiating new short positions until index gave a clear reversal sign on any time frame.
While on flip side in case of facing rejection from its resistant regions index would slide towards 36,800pts initially and breakout below that region would call for 36,500pts and 36,200pts. Currently momentum seems bullish which may push index to create a cheat pattern therefore it's recommended to post trailing stop loss on existing long positions.
Regional Markets
Asian markets look for fresh upswing after U.S. market dip
Asian markets appear set to open with a firmer tone on Friday, shrugging off an overnight fall in U.S. stocks as the United States prepares to debate fresh economic stimulus to see the country through its coronavirus outbreak. Australian S&P/ASX 200 futures were up 0.23% in early trading. Japan’s Nikkei 225 futures were up 0.24%, and Hong Kong’s Hang Seng index futures had risen 0.74%. E-mini futures for the S&P 500 were up 0.2%. The Dow Jones Industrial Average fell 0.5%, the S&P 500 lost 0.34% and the Nasdaq Composite dropped 0.73%. MSCI’s gauge of stocks across the globe closed down 0.62%.Read More...
Business News
20 projects of 13,048MW under CPEC to be completed soon, MPs informed
Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) was Thursday informed that Pakistan Railways is in search of top of the line consultant for ML-I project and TORs in this regard have been finalised. A meeting of the Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) was held under the Chairmanship of Sher Ali Arbab was further informed that currently, there are 20 power projects of 13048 MW at different stages of implementation under the CPEC frame work agreement. Secretary, Power Division briefed the Committee on the power projects under CPEC. Read More...
Ecnec approves four projects worth Rs289b for construction of highways
The Executive Committee of the National Economic Council (ECNEC) has approved four projects worth Rs289 billion for construction of national highways in different parts of the country. The ECNEC meeting, chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh, gave go-ahead to the four projects. “ECNEC approved 4 projects worth Rs 289 billion in Thursday’s meeting. These included Sukkur-Hyderabad motorway, Hoshab-Awaran-Khuzdar section of M 8, Swat expressway Chakdara to Fatehpur section and addition of linkage of Khyber Agency to Khyber Pass economic corridor,” Federal Minister for Planning and Development Asad Umar said on twitter.Read More...
Foreign reserves rise to $18.952b
The foreign exchange reserves held by State Bank of Pakistan (SBP) increased by $13 million to $12.054 billion during the week ended on July 10. According to data issued by the SBP on Thursday, total liquid foreign reserves held by the country stood at $18.952 billion on July 10. The net reserves held by commercial banks by the given date stood at $6.897 billion, the data added.Read More...
Pakistan’s exports to Afghanistan decrease 25pc in 11 months
Pakistan’s exports of goods and services to Afghanistan witnessed decrease of 25.03 per cent during the eleven months of fiscal year (2019-20) as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported. The overall exports to Afghanistan were recorded at $825.663 million during July-May (2019-20) against exports of $1101.459 million during July-May (2018-19), showing negative growth of 25.03 per cent, SBP data revealed. Overall Pakistan’s exports to other countries witnessed decline of 6.77 per cent in eleven months, from $22.457 billion to $20.936 billion, the SBP data revealed. On the other hand, the imports from Afghanistan into the country during the period under review were recorded at $119.321 million against $163.133 million last year, showing decreased of 26.85 per cent in eleven months of this year.Read More...
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