Morning Market Brief 13th Nov. 2020

The Benchmark KSE100 index is moving in downward direction after facing rejection from resistant trend line of its descending wedge and weekly triple top, mean while an evening shooting star have been formatted on daily chart during last trading session. As of now it's expected that index would continue its bearish journey towards 40,200pts and breakout below that region would call for 40,000pts and 39,800pts. It's recommended to stay on selling side because daily and intraday momentum indicators are in bearish mode and these would try to push index further downward. Today's closing below 40,000pts would change market sentiment and it would start sliding towards 39.200pts in coming days. While on flip side in case of recovery index would face initial resistance at 40,760pts and breakout above that region would call for 40,900pts and 41,200pts. It's recommended to stay cautious because index would remain bearish until it would not succeed in closing above 41,500pts on daily or weekly chart.

Stocks in Asia fell on Friday, following on from selloffs in the United States and Europe as investors feared the economic impact of an accelerating rise in coronavirus infections.Against that grim backdrop, MSCI's broadest index of Asian shares outside Japan .MIAPJ0000PUS dipped 0.25% in early trade as shares across the region stumbled. Chinese blue-chips .CSI300 led losses, falling 1.21%. Australian shares .AXJO lost 0.47%, Seoul's Kospi .KS11 was down 0.16% and the Hang Seng .HSI was 0.55% lower. Japan's Nikkei 225 .N225 fell 0.95%. Some investors saw a buying opportunity in the slump.Read More...

The government on Thursday said that it was hiring a consultant to complete the auction of unsold spectrum. Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh chaired the meeting of the Advisory Committee for the release of unsold spectrum of next generation mobile services (NGMS) yesterday at the Finance Division. Minister for Science and Technology, Fawad Chaudhry also participated in the meeting. The Committee was briefed by Chairman PTA and Secretary, Ministry of Information Technology about the latest developments on the sale of available spectrum of next generation mobile services. The members of Frequency Allocation Board also shared their input on the subject.Read More...

The Extended Fund Facility (EFF) of the International Monetary Fund (IMF) may not be back on track in a formal way very soon as the authorities struggle on politically challenging issues — power sector and revenue — amid difficult economic conditions. While the two sides are currently involved in setting timelines for revised structural benchmarks, the government wants some nascent feel-good factor in some economic indicators to take root before the IMF’s usually contractionary fiscal and monetary stances come into play.Read More...

The National Electric Power Regulatory Authority (Nepra) on Thursday reserved its judgment on Rs1.65 per unit increase in hydropower tariff for current fiscal year by Wapda and also refused the authority’s request to transfer the burden of Rs 11 billion interest to power consumers. In its original petition, WAPDA had sought around Rs1.65 per unit increase in hydropower tariff for current fiscal year, however during public hearing the authority has downward revised its claim for tariff increase to Re 0.93 per unit based on revised estimates.Read More...

The import of agricultural chemicals during three months of current financial year increased by 5.94 per cent as compared to the imports of corresponding period of last year. The surge in the imports of agriculture inputs like fertilizers, pesticides and insecticides was mainly attributed with the preparation of land for the cultivation of major and minor crops of Rabi season. The agriculture chemicals including fertilizers, pesticides and insecticides valuing $1.922 billion imported during the period from July-September, 2020 as compared the imports of $1.815 billion of same period last year. During the period under review, imports of fertilizer manufactured grew by 17.24 per cent as about 478,417 metric ton fertilizer valuing $149.697 million imported as against 390,380 metric tonnes costing $127.689 million of same period last year, according the data of Pakistan Bureau of Statistics. Read More...