Morning Market Brief 12th Oct. 2020

The Benchmark KSE100 index have confirmed morning shooting star on daily chart and have succeeded in recovering above its initial resistant region of 40,500pts,as of now index have major resistant region ahead between 41,350pts-41,660pts where two major horizontal resistant regions are standing. A strong hammer have been formatted on weekly chart in response of weekly evening shooting star which indicates that a fight between bulls and bears would be witnessed during current week and index would show some volatility between 42,000pts and 39,500pts. Hourly and daily momentum indicators have changed their direction towards bullish side but it’s recommended to stay cautious until index succeed in closing above its correction levels of its previous bearish rally. For day trading swing trading between 40,500pts and 41,350pts could be beneficial.

Asian stock markets began the week with cautious gains on Monday, as investors clung to hopes for U.S. stimulus spending, while the dollar firmed after a Chinese central bank policy tweak unwound some of the yuan’s steep gains.MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1% in early trade. Australia’s S&P/ASX 200 was 0.1% higher and New Zealand’s NZ50 crept up to a record peak. Japan’s Nikkei slipped 0.3%. The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill, as talks on a more comprehensive plan were again at an impasse. A new $1.8 billion White House proposal has drawn criticism from both Democrats and Republicans, yet investors seem optimistic that spending will resume at some point.Read More...

The Federal government and government of Balochistan have yet to resolve the issue pertaining to the signing of Development and Production of the Sui Lease even after the passage of more than five years of the expiry of the lease in July 2015. A committee comprising of the Federal and Balochistan government representatives will meet tomorrow (Tuesday) to attempt the resolution of the Sui mining lease issue which is on temporary extensions since 2015, official source told The Nation here. The matter regarding 69 per cent of the Sui Field is almost resolved however the negotiations regarding the remaining 31 per cent will be held between the federal, provincial and PPL representatives, the source maintained. Read More...

The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs10 billion by of fiscal year 2020-21. The CDNS has set Rs 249 billion annual collection target for the year 2020-21 as compared to Rs352 billion for the previous year’s 2019-20 to enhance savings and promoting saving culture in the country, senior official of CDNS told APP here. The CDNS has set Rs352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year’s 2018-19, he said. The directorate has also revised and increased the gross target of Rs1570 billion for the fiscal year 2019-20, he said. Replying to a question on current revision of CDNS certificate profit rates applicable from June 2, 2020. Read More...

Exploration and Production (E&P) companies have produced around 8,543,761.66 Barrel (BBL) oil and 64,967.32 Million Cubic Feet (MMCF) gas from five fields of Karak district of Khyber Pakhtunkhwa from July 2019 to May 2020. During the 11-month period, the companies extracted 4,893,536 BBL oil and 27,783.97 MMCF gas from the Nashpa field, 142,953.95 BBL oil and 8,273.38 MMCF gas from Manzalai field, 570,420.42 BBL oil 4,322.14 MMCF gas from Makori Deep field, 2,931,241.39 BBL oil 24,507.79 MMCF gas from Makori East field and 5,609.90 BBL oil 80.04 MMCF gas, according to an official document available with APP. Read More...

Islamabad Excise and Taxation (E&T) Department has launched an online payment system, aimed at enabling the vehicle owners to pay their token tax, registration and transfer fees from any part of the country through e-banking and other digital mode of transactions. Talking to APP, E&T Director Bilal Azam said, “This is a step forward for converting the E&T operations into one-window facility by 2021 under Prime Minister Imran Khan’s ‘Digital Pakistan’ vision.” Bilal said, “From onwards, around 1.1 million vehicles’ owners need not to visit the E&T office as they can submit their token tax, registration and transfer fees through ATM (automated teller machine), debit cards and e-banking after registering themselves at the ‘City Islamabad App’.Read More...