Morning Market Brief 29th Dec. 2020
Technical Overview
The Benchmark KSE100 index have formatted a bullish price channel after getting support from a rising trend line on hourly chart and right now it's heading towards its previous double top. Initially it's expected that index would try to target 43,980pts where it would face strong resistance from a crossover of resistant trend line of its daily price channel and a strong horizontal resistant region while breakout above that region would call for 44,200pts and 44,420pts in coming days. It's expected that index would try to take an intraday dip during current trading session because hourly momentum indicators are ready for a dip but that would be attractive for fresh buying for day trading with targets at 43,980pts and 44,200pts while breakout above 44,200pts on daily closing basis would push index towards expansion level of its previous triangle which would complete between 44,800pts-45,000pts therefore it's recommended to stay on buying side and post trailing stop loss on existing long positions until index would not succeed in closing above 44,200pts. While on flipside in case of rejection from its resistant regions index would try to establish ground above 44,400pts initially while penetration below that region would call for 43,100pts-43,000pts. On short term basis index would remain bullish until it would not succeed in closing below 42,500pts. Daily momentum indicators are ready for a fresh bullish crossover and if these would succeed in generating crossover then index would succeed in vanishing impact of weekly hammer which have opened doors for an evening shooting star and is spreading uncertainty among investors.
Regional Markets
Asian shares rise on U.S. stimulus fix, Nikkei hits 30-year high
sian shares jumped on Tuesday, with Japanese stocks hitting a 30-year high, as hopes that a long-awaited U.S. pandemic relief package would be expanded and a Brexit trade deal supported investor risk appetite.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.46%. Australian stocks rose 0.55%. Japan’s Nikkei leapt 1.63% to its highest since August 1990, while shares in China rose 0.1%. Futures for the S&P 500 added 0.32%. The dollar nursed losses against major currencies and Treasury yields rose after U.S. President Donald Trump’s approval of a stimulus package related to the coronavirus outbreak increased risk appetite. The positive mood also helped oil futures rise during Asian trading in hopes for an acceleration in economic activity.Read More...
Business News
Obstacles in Pak-Afghan trade to be removed
Pakistan on Monday has assured Afghanistan to remove all hindrances in bilateral trade between two countries to increase the volume of trade. “The government is making all-out efforts to remove all hindrances in trade with Afghanistan,” said Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood while addressing the joint session of Pak-Afghan Transit Trade Coordination Authority (PATTCA) in Islamabad. Joint session of Pak-Afghan Transit Trade Coordination Authority held in Islamabad on Monday and both sides decided Pakistani delegation will visit Kabul to ink Pak-Afghan transit trade agreement. The meeting focus on Pak Afghan Transit Trade and Preferential Trade Agreement.Read More...
Over 2.3m olive plants to be cultivated during current drive
To promote olive farming on large scale for reducing the reliance on imported edible oil as well as to encourage high-value agriculture, about 2.3 million olive plants to be cultivated during the current season. These plants to be cultivated under current autumn olive cultivation drive across the potential areas in the country said Project Director of Olive Cultivation on Commercial Scale in Pakistan Dr Muhammad Tariq. While talking to APP here on Monday, he said that olive cultivation drive has been carried out twice in a year, first in the spring season and other in autumn to promote olive cultivation and bring barren and sami- agriculture land under high-value crops production. Average 500,000 to 600,000 olive plants per annum is being cultivated, he said adding that survey teams have also started their feasibility studies to identify the area for coming cultivation drive.Read More...
Pakistani products have great demand in Turkey: Ahmad
A delegation of industrialists from Gujranwala and Lahore has returned home after participating in the 18th Müsi̇ad Expo 2020 held in Turkey. Industrialist and Müsi̇ad member Ahmad Farooq and Shakeel Khan Afridi, which discussed in detail the products of Turkey and Pakistan, led the delegation. Ahmad Farooq said that Pakistani products have great demand in Turkey and especially the products of Gujranwala have an extra edge there. “A good of number of participation of Pakistani industrialists in the expo shows their great interest in Turkey’s market, which will further help in boosting the trade between the two countries,” he added. Shakeel Khan Afridi said that the visit of Pakistani industrialists to Turkey has greater significance as far as the economical ties are concerned between the two countries. Read More...
Govt set to merge PLTL, PLL into sole autonomous company
The government is all set to merge Pakistan LNG Terminals Limited (PLTL) and Pakistan LNG Limited (PLL) into a single autonomous company on January 1, 2021, it is learnt reliably here. It has been planned that instead of two companies doing the same job separately, should be merged in one, therefore, it has been decided that PLTL will be merged into PLL, an official source told The Nation here Monday. The process of the merger will be completed by January 1, 2021, the source added. After the merger, PLTL will lose its name and the new entity will continue its work as Pakistan LNG Limited. The source said that Masood Nabi who is currently having the acting charge of PLTL MD will be given the look after charge of the new entity. Read More...
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