Morning Market Brief 15th Jan. 2021
Technical Overview
The Benchmark KSE100 index is facing rejection from resistant trend line of its bullish price channel on hourly chart since last week along with a major horizontal resistant region on weekly chart and now index have penetrated below a supportive trend line inside this channel during last trading session. Meanwhile hourly momentum indicators were under pressure and now daily sentiment is trying to convert its direction towards bearish side but it depends on today's closing, being last day of the week today's closing matters a lot. For current trading session it's expected that index would try to establish ground above yesterday's low to format a daily double bottom but if it would succeed in sliding below 45,800pts then its next target would be 45,500pts where it would got support from another strong horizontal supportive region. While on flip side in case of reversal index would face initial resistance at 46,350pts which would be followed by 46,500pts-46,650pts region. It's recommended to stay cautious and post trailing stop loss on existing long positions because if index would succeed in sliding below 45,500pts then sentiment would change completely which would push index for a correction, meanwhile weekly indicators would become under pressure which would be negative for bulls in coming days.
Regional Markets
Asia shares inch up as U.S. stimulus hopes boost sentiment
Asian shares rose on Friday, brushing off a late Wall Street dip as expectations of large U.S. stimulus under President-elect Joe Biden shored up sentiment while oil prices perked up on upbeat Chinese trade figures. President-elect Biden will unveil a $1.9 trillion stimulus package proposal designed to jump-start the economy and speed up the U.S. response to the coronavirus pandemic, officials said on Thursday. In Asia, investors held a broadly more optimistic with Australia’s S&P/ASX 200 up 0.2%, Japan’s Nikkei 225 0.3% higher and South Korea’s KOSPI inching up 0.2%. On Wall Street, the Dow Jones Industrial Average fell 0.22%, the S&P 500 lost 0.38%, and the Nasdaq Composite dropped 0.12%.Read More...
Business News
Govt decides to increase power tariff by Rs1.90
In a move towards reviving the International Monetary Fund (IMF) programme, the government has decided in principle to increase the electricity rates by about Rs1.90 per unit in the current billing month. A formal announcement to this effect is expected to be made over the next couple of days. A federal minister told Dawn that a news conference had been called to explain the rationale behind the tariff increase but was called off at the last minute on the instructions of the Prime Minister Office.Read More...
12 importers involved in artificial oil crisis, Senate body told
The Senate Standing Committee on Interior was informed on Thursday that the Federal Investigation Agency (FIA) had found 12 top oil importers directly involved in artificial crisis of petroleum products to mint money in connivance with some government functionaries last year. A meeting of the committee presided over by Senator Rehman Malik was briefed by the petroleum secretary and the FIA additional director general on the artificial shortage of oil with reference to the failure of the departments concerned to control corruption and hoarding by the oil marketing companies (OMCs) which had caused inconvenience and unrest all over the country.Read More...
Meeting of Advisory Committee for release of NGMS spectrum held
Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired the meeting of the Advisory Committee for the release of Next Generation Mobile Services (NGMS) spectrum in Pakistan held at the Finance Division. Federal Minister for Science and Technology Fawad Chaudhry, Federal Minister for Information Technology and Telecommunication Syed Amin ul Haque, Adviser to the PM on Commerce Abdul Razak Dawood, Chairman PTA Major General (R) Aamir Azeem Bajwa, Secretary Ministry of Information Technology and Telecommunication, Executive Director Frequency Allocation Board and other senior officials participated in the meeting.Read More...
$1b Chinese grant to alter socio-economic landscape of country
The Sub-Committee of the Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) observed that it was important to address concerns of local people while proposing schemes for the socio-economic development under $1 billion Chinese grant as local ownership of the projects is highly necessary. The 1st (In-Camera) meeting of the Sub-Committee of the Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) was held under the Convenorship of MNA Noor Alam Khan to scrutinise the socio-economic development projects under $1 billion grant by the Chinese government to launch pilot projects in the selective districts of the country to reduce poverty.Read More...
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