Morning Market Brief 30th Sep. 2020
Technical Overview
The Benchmarks KSE 100 index had succeeded in starting a recovery phase after getting support from supportive trend line of bullish price channel during last trading session. But its recommended to stay cautious because it could be a temporary phase. if index would not succeed in closing above corrections levels of bearish rally of last week. Index have major resistant regions ahead at 41,500pts and 41,760pts, meanwhile daily momentum indicators are still in bearish mood and these would at pressure on index until it would not succeed in closing above 42,000pts on daily chart. In case of rejection from its resistant region index would start sliding downward again and closing below 41,000pts would open doors for 40,500pts and 39,700pts. It's expected that index would start following again after retesting supportive trend line of its previous rising wedge. Therefore its recommended to adopt swing trading instead of initiating new long positions. Short selling is also not recommending until index couldn't give us clear sign of bearish reversal.
Regional Markets
Asian markets dip as investors brace for U.S. presidential debate
Asian shares slipped and the dollar was under pressure on Wednesday in the lead up to the first U.S. presidential debate, as financial markets looked to take a measure of both candidates.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged down 0.1% in early trade. It is headed for a monthly drop of 3.3%, the largest fall since March. Japan's Nikkei .N225 was down 0.2% and Australia's ASX 200 .AXJO fell 1.3%, while markets in Seoul .KS11 rose 0.8%. Futures pointed to small opening gains in China SFCc1 and Hong Kong HSIc1. S&P 500 futures ESc1 were steady, last trading 0.1% firmer, with moves slight ahead of the debate. Read More...
Business News
Govt not charging sales tax and FED on exports in Gawadar, MPs told
Federal Board of Revenue (FBR) Chairman Javed Ghani on Tuesday informed a parliamentary committee that government is not charging sales tax and Federal Excise Duty on exports in Gawadar, as it is only taking one percent income tax for the development and prosperity of the area. He said that government has given tax free facility to Gawadar to improve the exports. He was giving briefing to the Senate Standing Committee on Finance and Revenue, which met under the chair of Senator Farooq H Naik. The committee was informed that government is establishing border markets in Balochistan to curb the smuggling and provide job opportunities to the local people.Read More...
Govt asked to announce support price of wheat within a month
The National Assembly Standing Committee on National Food Security & Research yesterday directed the government to announce the support price of wheat within a month to encourage its growers. The Standing Committee on National Food Security & Research met with Rao Muhammad Ajmal Khan, chairman of the committee, in the chair. It expressed concern that growers could not benefit from the subsidy of present government for fertilizers and directed that Ministry may take stringent measures to bring its benefits to small growers. The Committee unanimously recommended that “The Chamber of Agriculture Bill, 2019” (Private Member Bill) may be passed. Read More...
Pharmaceutical exports increase 10.27 percent in two months
The exports of pharmaceutical products from the country witnessed an increase of 10.27 per cent during the first two months of current financial year (2020-21) as compared to the corresponding period of last fiscal year. Pakistan exported pharmaceutical products worth $41.197 million during July-August (2020-21) as against the exports of $37.360 million during July-August (2019-20), showing growth of 10.27 per cent, according to the Pakistan Bureau of Statistics (PBS). In term of quantity, the pharmaceutical exports rose by 4.93 per cent, by going up from 2,599 metric tonnes to 2,477 metric tonnes during the period under review. Read More...
BOI to work with World Economic Forum to undertake reforms aligned to GCI
Board of Investment (BOI) would work with World Economic Forum/MISHAL to undertake reforms aligned to the Global Competitiveness Index (GCI). Mishal, a country partner institute of the World Economic Forum team visited BOI and briefed Board of Investment (BOI) Secretary Ms. Fareena Mazhar and her team on GCI. Board of Investment Secretary thanked the Mishal team for elaborating the Competitiveness challenges faced by Pakistan, she emphasised that the Government of Pakistan is working in the light of Prime Minister Imran Khan’s vision to improve the country’s Competitiveness.Read More...
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