Morning Market Brief 9th Oct. 2020
Technical Overview
The Benchmark KSE100 index have confirmed morning shooting star on daily chart during last trading session and have succeeded in recovering above its initial resistant region of 40,200pts,as of now index have major resistant region ahead between 40,500pts-41,700pts where two major horizontal resistant regions are standing. It's recommended to stay cautious while trading during current trading because being last day of the week today's closing matters a lot to confirm reversal on short term basis. Today's closing above 40,700pts would open doors for 41,200pts and 41,500pts. While in case of rejection from its resistant regions index would again start sliding towards 39,700pts where a strong horizontal support would try to pump some fresh volumes. Daily and hourly momentum indicators are trying to generate bullish crossovers and it's recommended to wait for confirmation before initiating new long positions.
Regional Markets
Asian shares close in on 2-1/2-year peak as U.S. stimulus hopes return
Asian shares inched close to 2-1/2-year highs on Friday as revived hopes for a U.S. stimulus deal eclipsed weaker-than-expected jobs data, while mainland Chinese markets jumped after a week-long holiday.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.15%, inching closer to its Aug. 31 peak, which was its highest level since March 2018. China's CSI300 index .CSI300 gained 1.68% after the Golden Week holidays. Japan's Nikkei .N225 dipped 0.1% after hitting a 7 1/2-month high, while futures for the S&P 500 gained 0.47%. “Markets are starting to assume a Biden victory,” said Osamu Takashima, chief FX strategist at Citigroup Global Markets Japan.Read More...
Business News
Plastic imports increase 3.78pc
The imports of plastic materials into the country has witnessed an increase of 3.78 per cent during the first two months of current financial year 2020-21, as compared to the imports of last year. Pakistan imported plastic materials of worth $330.486 million during July-August (2020-21) as compared to the imports of $318.449 million during July-August (2019-20), showing growth of 3.78 per cent, according to the Pakistan Bureau of Statistics. In term of quantity, Pakistan imported 317,873 metric tonnes of plastic materials during the period under review as compared to the imports of 237,454 metric tonnes during corresponding period of last year, showing increase of 33.87 per cent in term of quantity. Read More...
Nepra allows power distribution companies to increase Re0.83/unit in power tariff
The National Electric Power Regulatory Authority (Nepra) on Thursday allowed ex-Wapda power distribution companies (Discos) an increase of Rs0.8376 per unit in power tariff on account of monthly fuel price adjustment for July 2020. Central Power Purchasing Agency (CPPA) had proposed an increase of Rs0.86per unit, under fuel price adjustment for the month of July 2020 for Ex-Wapda Discos. The CPPA in its petition said, it had charged consumers a reference fuel tariff of Rs3.5420 per unit in July while the actual pool fuel cost turned out to be Rs4.4035/kWh. Hence, it should be allowed to charge Rs0.8615 per unit additional cost from consumers next month. Read More...
Japan’s ongoing portfolio in Pakistan stands at $608.69m
Japan’s ongoing portfolio in Pakistan is worth $608.69 million for 57 projects. This was discussed in a high-level Portfolio Review meeting chaired by Minister for Economic Affairs Makhdum Khusro Bakhtyar with the Government of Japan, regarding Japanese funded projects in Pakistan. The meeting was attended by JICA Pakistan Office Chief Mr. Shigeki Furuta and Senior Officials from the Embassy of Japan and relevant stakeholders. The Minister for Economic Affairs appreciated that Japan is a long term friend and one of the major development partner of Pakistan. Japan’s assistance to Pakistan since 1954 is $12.6 billion and Pakistan is the largest recipient of Japanese assistance amongst South Asian Countries.Read More...
Roosevelt Hotel to shut doors from Oct 31
The Roosevelt Hotel, a Pakistani possession in the heart of Manhattan, announced on Thursday it would shut its doors on guests permanently on Oct 31. “Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel, is regretfully closing its doors permanently as of Oct 31, 2020,” the announcement said. A hotel spokesperson, when asked for comments, said: “Yes, it is closing down as announced on the website.” Asked why, she said: “Email your questions and we will respond.” Read More...
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