Morning Market Brief 3rd Aug. 2020
Technical Overview
The Benchmark KSE100 index have continued its bullish journey during last week and have succeeded in closing above two major psychological briars of 38,700pts and 39,200pts. As of now index have resistances ahead at 39,500pts and 39,800pts and if it would succeed in closing above these both regions then next target would be 40,000pts and 40,500pts, mean while closing above 40,000pts would open doors for 41,200pts in coming days. It's recommended to stay cautious because if index would face rejection from its resistant regions then it would face some serious pressure from bears who would try to push index for a correction but index would remain range bound until its trading above 37,500pts. On intraday basis in case of pressure index would try to find ground at 38,860 and 38,700pts.
Regional Markets
Asia stocks cautiously mixed, dollar tries to bounce
Asian share markets turned mixed on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases, though a squeeze on crowded short positions gave the dollar a rare bounce. Sentiment was helped by a survey showing China’s factory activity expanded at the fastest pace in nearly a decade in July, with the Caixin/Markit PMI at 52.8. That lifted Chinese blue chips 0.9% .CSI300. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.2%, though that was from a six-month top. Japan's Nikkei .N225 added 2.1% courtesy of a pullback in the yen, while South Korea shares .KS11 were flat. E-Mini futures for the S&P 500 ESc1 inched up 0.1%, while EUROSTOXX 50 futures STXEc1 and FTSE futures FFIc1 were little changed.Read More...
Business News
Big industry output swells by 20.5 per cent in May
The business activities in Pakistan has started showing signs of recovery as Large Scale Manufacturing (LSM) grew by 20.5 per cent on month on month basis over April 2020. According to monthly economic updates issued by finance division, year on year growth of LSM decreased by 24.8 per cent in May 2020 as compared to same month a year ago. However the average growth of LSM during July-May FY 2020 plunged by 10.3 per cent. During July-June FY 2020, total cement dispatches in the country edged up by 1.98 per cent to 47.81MT (46.88 MT last year).Read More...
Plastic exports decrease 7.09pc
The exports of plastic materials from the country witnessed decreased of 7.09 per cent during the fiscal year (2019-20) as compared to the corresponding period of last year. Pakistan exported plastic worth $295.968 million during July-June (2019-20) compared to the exports of $318.563 million during July-June (2018-19), showing a decline of 7.09 per cent, according to the Pakistan Bureau of Statistics (PBS). In terms of quantity, the exports of plastic witnessed an increase of 13.04 per cent as the country exported 285,851 metric ton of plastic during the period under review as compared to the exports of 252,879 metric ton during last fiscal year.Read More...
‘Small, medium agri-businesses need govt help’
Almost all the agricultural micro, small and medium-sized enterprises (MSMEs) in Sindh and Balochistan have been severely affected by the coronavirus pandemic and need urgent government help for their survival of their enterprises, according to a Covid-19 survey carried out by the International Trade Centre (ITC). The Geneva-based ITC, a joint agency of UN and World Trade Organisation (WTO), is implementing a six-year ‘Growth for Rural Advancement and Sustainable (GRASP) project designed to reduce poverty in Pakistan by strengthening small-scale agribusinesses in Sindh and Balochistan. The project, which started in 2019 with the funding of European Union, will complete in 2024.Read More...
Khidmat centres, web portal launched to facilitate builders
The government has launched e-Khidmat centres and a web-portal to facilitate builders who have pledged to commence economic activities in the construction sector. The decision to set up e-Khidmat centres and a web portal was taken by Prime Minister Imran Khan during a meeting of the National Coordination Committee on Housing, Construction and Development (NCCHCD) on Thursday. A source privy to the meeting told Dawn on Friday that the meeting served as a morale booster for the builders and developers who welcomed the support being extended by the government towards resolving their issues and providing them conducive environment to start projects in the construction sector.Read More...
Disclaimer
Information and opinions contained herein have been compiled or arrived at by Us from publicly available information and sources that We believe to be reliable. Whilst every care has been taken in preparing this research report, no research analyst, director, officer, employee, agent or adviser of any member of Our Team gives or makes any representation, warranty or undertaking, whether express or implied, and accepts no responsibility or liability as to the reliability, accuracy or completeness of the information set out in this research report. This research report is for information purposes only and does not constitute nor is it intended as an offer or solicitation for the purchase or sale of securities or other financial instruments. Neither the information contained in this research report nor any future information made available with the subject matter contained herein will form the basis of any contract.
High Risk Investment
Trading foreign exchange, Commodities and Equities (Stocks) on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, Commodities and Equities (Stocks) you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss in excess of your initial investment. You should be aware of all the risks associated with foreign exchange, Commodities and Equities (Stocks) trading and seek advice from an independent financial advisor if you have any doubts.
Market Opinions
Any opinions, news, research, analyses, prices or other information contained on in this report is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Accuracy of Information
The content of this report is provided for the sole purpose of assisting traders to make independent investment decisions. We have taken reasonable measures to ensure the accuracy of the information on the website; however, it does not guarantee accuracy and will not accept liability for any loss or damage which may arise directly or indirectly from the content or from your inability to assess the report, or for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through this report.