Morning Market Brief 5th Aug. 2020
Technical Overview
The Benchmark KSE100 index have faced rejection from horizontal resistant region along with an ascending trend line on weekly chart during last trading session and after that some kind of serious pressure was witnessed by bears. As of now index have supportive regions ahead at 39,200pts and 39,000pts where two strong horizontal supportive regions would try to push index again in bullish direction. It's recommended to stay cautious as long as index is trading below 40,500pts because index would remain in range bound situation as long as it's being caged between 39,000 to 40,500pts while breakout of either side would push index for further 500-800 points in respective direction. Daily momentum indicators have changed their direction towards bearish side therefore selling on strength with strict stop loss could be beneficial.
Regional Markets
Asia shares poised to open lower, gold at fresh record
Asia shares were set to open lower on Wednesday, following a choppy trading session on Wall Street and losses in Europe. Hong Kong futures HSIc1 edged down 0.07%. Australian shares were also poised to open lower as COVID-19 rose in the country. Nikkei futures NKc1 were trading 0.3% below the Nikkei 225 index's .N225 previous close. Spot gold XAU= rose in early trade and touched a fresh record of $2,025.76 per ounce. Prices have soared 33% so far this year. Wall Street shares ended higher after choppy trade as hopes mounted U.S. leaders would agree on another coronavirus stimulus package. The Dow Jones Industrial Average .DJI gained 0.62%, the S&P 500 .SPX rose 0.36% and the Nasdaq Composite .IXIC added 0.35%.Read More...
Business News
Exports increased by 5.80pc in July
Pakistan’s exports increased by 5.80 percent in July 2020 as compared to the same month of last year. On the import side, a decline of 4.2pc, in dollar value terms, was recorded in July 2020 as compared to July 2019. This was disclosed during an internal strategy meeting chaired by advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood here Tuesday. The meeting reviewed the latest statistics of exports and imports of Pakistan and devised plans for improving the exports. The data for July 2020 shows an export growth of 5.8%, in dollar value terms, as compared to July 2019. Exports in July 2020 stood at $1.998 billion as compared to around 1.889 billion dollars exports in July 2019.Read More...
Cement despatches grew by 38 percent in July 2020
The new fiscal has started well for the cement sector as the cement despatches increased by a healthy 37.75 percent from 3.512 million tonnes in July 2019 to 4.838 million tonnes in July 2020 due to buoyancy in both exports and domestic market. The growth looks encouraging when seen in context of only 1.98 percent despatches growth in 2019-20 that was totally supported by exports. The domestic cement utilisation in fact registered a decline of 0.94 percent in the last fiscal.Read More...
Exports to Afghanistan down 25.46pc in FY2019-20
Pakistan’s exports of goods and services to Afghanistan witnessed decrease of 25.46 percent during the 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 $888,913 million during July-June (2019-20) against exports of $1192,559 million during July-June (2018-19), showing negative growth of 25.46 percent, SBP data revealed. Overall, Pakistan’s exports to other countries witnessed decline of 7.22 percent during the period under review, from $ 24,256 billion to $ 22,504 billion, the SBP data revealed.Read More...
Integrated plan devised to generate 100,000MW by indigenous resources
The incumbent government has devised an integrated plan to generate 100,000MW by 2047 through indigenous resources to ensure energy security and boost industries. Under the devised plan, share of indigenous energy would be enhanced to 80 per cent to get rid of expensive energy based on imported fuel. Minister for Power Division Omar Ayub Khan Tuesday said Renewable Energy (RE) policy has already been chalked out with the consultation of all stakeholders and it would now be placed before Council of Common Interests (CCI).Read More...
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