Morning Market Brief 28th Sep. 2020
Technical Overview
The Benchmark KSE100 index had faced a volatile session during last trading session and week was closed with an evening shooting star formation. Mean while on hourly chart index also have formatted an evening shooting star after facing rejection from correction of its last bearish rally, which indicates that index would face pressure initially during current trading session which would try to push index towards its supportive regions at 41,580pts or 41,460pts but later on recovery would be witnessed therefore it's recommended to start buying on dip with strict stop loss of 41,300pts for day trading. While on flip side in case of recovery above 41,760pts index would face initial resistance at 42,000pts and breakout above that region would call for 42,300pts and 42,500pts. It would be considered in range bound situation until it would not succeed in either closing above 42,500pts or below 41,500pts on daily chart. Bearish pressure of weekly evening star would remain intact until index would not succeed in closing above its previous high for short term basis.
Regional Markets
Asian shares stutter ahead of U.S. presidential debate, oil dips
Asian shares were on the defensive, while oil prices edged lower on Monday as investors were cautious ahead of a U.S. Presidential debate and as coronavirus cases spike again in a blow to global economic recovery hopes.MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.04% to 547.79, not too far from a two-month low of 543.66 hit last week. The index is set to end the month deep in the red after three straight monthly gains as the pandemic continues to wreak economic havoc around the world and raises investor anxiety about sky-high valuations. Particularly worrying is a resurgence of COVID-19 cases in Europe, dousing earlier hopes that authorities might have started to exert some control on the outbreak and raising further strains on businesses already grappling with losses. Japan’s Nikkei rose 0.65%, partly on a lower yen, while South Korea’s KOSPI index gained 0.8%.Read More...
Business News
Ministry launches mark up subsidy scheme worth Rs12.86b for agri sector
Ministry of National Food Security & Research has launched mark up and cotton whitefly subsidy schemes with an amount of Rs12.861 billion under the Fiscal Package announced by the Prime Minister for the agriculture sector to mitigate the impact of COVID-19 pandemic. Under the first scheme of markup subsidy an amount of Rs. 6.861 billion would be spent for 10 per cent mark up subsidy on agriculture loans disbursed by Zarai Tarqiati Bank Limited (ZTBL), said a spokesman of the Ministry of National Food Security and Research. The scheme is valid all over the Country including AJ&K and Gilgit-Baltistan. Government of Pakistan would bear mark up @10 per cent on agricultural loan for Fiscal Year 2020-21 i.e July 1, 2020 to June 30, 2021 and individual farmer shall bear balance mark up as per agreed terms. Read More...
Cement export increases 5.60pc in 2 months
The exports of cement from the country witnessed an increase of 5.60 per cent during the first two months of ongoing financial year (2020-21) as compare to the corresponding period of last fiscal year. The country exported cement worth $44.540 million during July-August (2020-21) as against the exports of $42.149 million during July-August (2019-20), showing growth of 5.60 per cent, according to the Pakistan Bureau of Statistics (PBS). In terms of quantity, the exports of cement increased by 29.35 per cent by going up from 1,064,154 metric tonnes to 1,376,536 metric tonnes, according to the data. Meanwhile, on year-to-year basis, the exports of cement increased by 28.93 per cent during the month of August 2020 as compared to the same month of last year.Read More...
Dual White Oil Pipeline likely to be operational next month
The Petroleum Division has completed dualisation of the White Oil Pipeline, from Karachi to Sheikhupura, for smooth supply of petrol and diesel to Oil Marketing Companies (OMCs) and reducing reliance on traditional mode of transportation through tankers. “The oil pipeline that was used to move diesel from Karachi to Sheikhupura has been dualised. Now it (pipeline) is ready and likely to be operational in October for supply of both diesel and petrol in batches,” a senior official privy to petroleum sector developments told APP. He said the pipeline would be expanded to Peshawar for which a contract had been awarded to Frontier Works Organization, which had completed its necessary work.Read More...
Pakistan yields 2.5, misses 1.5 million tonnes of wheat target
Federal Minister for National Food Security & Reseech, Syed Fakhar Imam, said that climate change topped three major challenges Pakistan is faced with at present. Speaking at a ceremony held at Muhammad Nawaz Sharif University of Agriculture (MNSUA) here on late Saturday, Syed Fakhar Imam said that Pakistan missed 1.5 million tonnes of wheat target in last yield. “The total wheat yield was 2.5 million tonnes. Of it, Punjab contributed lion’s share with 19.4 million tonnes while Sindh shared 3.95 million tonnes, KPK 1.25 m tonnes and rest of portion was produced by Balochistan.Read More...
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