Morning Market Brief 10th Dec. 2020

The Benchmark KSE100 index have got support from a strong horizontal supportive region during last trading session and have succeeded in maintaining above its major supportive region of 42,000pts after a dip during last trading session . As of now hourly momentum indicators are still bearish because hourly stochastic and MAORSI have generated fresh bearish crossovers therefore it expected that index may face some pressure on intraday basis which may push index below 42,000pts. Overall sentiment would remain mixed and a volatile session could be witnessed between 41,850pts to 42,500opts, while breakout of either side would push index for further 200-300pts in respective direction. It’s expected that index would take an intraday dip after a slight spike therefore selling on strength with strict stop loss of 41,660pts is recommended, initially index would face resistance at 42,350pts while breakout above that region would call for 42,500pts and 42,660pts. Bollinger band have squeezed and have become flat on hourly chart therefore it’s expected that index would start a rally in either direction during current trading session therefore it’s recommended to stay cautious and post trailing stop loss on existing positions, because if index would succeed in closing below 42,000pts then uncertainty would increase and selling pressure would start piling up.

Asian equities eased from a record high on Thursday as stalled U.S. stimulus talks and a sell-off in tech stocks weighed, while sterling traders sat on a knife’s edge as last-ditch Brexit negotiations yielded only an agreement to keep talking.MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3%, while Japan’s Nikkei fell by the same margin. Both are up more than 60% from March lows. U.S Treasuries rose and the dollar steadied after a volatile overnight session in currency markets, with traders now looking ahead to a European Central Bank monetary policy meeting. Sterling teetered at $1.3363 as it awaits a Brexit resolution. “We’ve risen so far so fast that it’s making investors cautious,” said Michael McCarthy, chief strategist at stockbroker CMC Markets in Sydney.Read More...

-Since the implementation of Pakistan Telecommunication Authority’s Device Identification Registration and Blocking System (DIRBS), the import of mobile devices via legal channels has increased from 17.2 million in 2018 to 28.02 million in 2019 (63% increase). In 2020, 32.83 million devices have so far been imported. Through DIRBS, Federal Board of Revenue (FBR) has collected a total of PKR 90 billion in custom duties during Jan 2019 to Nov 2020 on formal imports. This is PKR 68 billion more than custom duties collected in 2018 i.e. PKR 22 billion (309% increase). Moreover, DIRBS has also enabled PKR 9 billion revenue collection under individual category during the period from January 15, 2019 to Dec 3, 2020.Read More...

The government has postponed the weekly meeting of Economic Coordination Committee (ECC) of the Cabinet on Wednesday following the decision of Islamabad High Court (IHC) that unelected advisers and special assistants could not head the Cabinet’s committees. The government on Tuesday has issued the agenda of the ECC meeting, which was scheduled to held yesterday (Wednesday). According to the IHC’s decision, the advisors have been barred from chairing any cabinet committee or being its member. The IHC had declared unlawful to head cabinet committees as advisers and special assistants appointed by Prime Minister Imran Khan are non elected people. According to court orders, advisors and assistants cannot be members of special committees. Following the IHC’s verdict, the government had postponed the ECC meeting to avoid legal complications. Read More...

OLX, Pakistan’s number one online marketplace, has introduced its auto inspection service under the ‘OLX Autos’ umbrella to facilitate car sellers and buyers residing in the twin-cities of Rawalpindi and Islamabad. Under the OLX auto inspection service, formerly known as CarPro, a detailed car inspection is carried out supported by a comprehensive post inspection report which accurately indicates the current condition of the used vehicle. The OLX auto inspection service saves time and adds confidence for the buyer and seller to carry out the intended transaction without facing any unnecessary hassle or risks that are typically associated with the sale and purchase of used vehicles.Read More...

The way we work has been irrevocably changed by the challenges we have been faced with in this difficult and uncertain year. Today, you will find more people working from their homes than in office spaces as organisations have shifted towards a fully remote or hybrid work model in order to overcome the limitations placed upon them by the need for social distancing and other measures to curb the spread of COVID-19.” These thoughts were expressed by Siwar Zein, Human Resource Director, Microsoft Emerging Markets while highlighting that workforce is changing with COVID-19 and HR practitioners must change with it. The success of a remote work environments has meant that a number of organisations are now looking at making this a more permanent shift in the future. Read More...