Morning Market Brief 16th Nov. 2020

The Benchmark KSE100 index have bounced back after completing 50% correction of its last bullish rally and posting a double bottom on daily chart during last trading session. As of now it's expected that index would try to start the day with a positive momentum and a morning shooting star formation could be witnessed on daily chart in response of its previous evening shooting star therefore it's recommended to stay on buying side and initiate long positions with trailing stop loss. It's expected that index would that initially target 40,800pts while breakout above that region would call for 41,100pts. In case of closing above 40,860pts index would succeed in creating a morning star on daily chart which would try to push index for a spike in coming days to retest resistant trend line of its descending wedge and expand its current correction in bullish direction. In case index would take an intraday dip that would be ideal region for initiating long positions. While on flip side in case of bearish pressure index would initially try to find ground at 40,200pts from its daily double bottom while breakout below that region would call for 39,950pts and 39,760pts.

Asian stocks hit a record high on Monday as vaccine optimism and strong economic data from China and Japan outshone worries about rising coronavirus cases, lifting just about every sector.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 1% to hit its highest since its launch in 1987 with markets across the region making milestone peaks. Japan's Nikkei .N225 traded at 29-year highs, South Korea's Kospi .KS11 at its highest since early 2018 and Australia's ASX 200 .AXJO hit an eight-month peak in the morning, before a glitch halted trade. [.T][.KS][.AX].Read More...

The Pakistan Readymade Garments Manufacturers and Exporters Association on Sunday said that the country has achieved to secure more than $200 million business in one year’s span since 35th IAF (International Apparel Federation) Fashion Convention held last year in Nov in Lahore by the PRGMEA, which is expected to grow further manifold. This was stated by PRGMEA Central Chairman Sohail A. Sheikh while addressing a ceremony to mark the first anniversary of global summit held last year where he cut the cake along with Chief Coordinator Ijaz Khokhar and PRGMEA executive committee members.Read More...

Pakistan’s business community Friday hailed the decision of Iran’s government to open another border point to increase the volume of bilateral trade between the two neighbouring countries. According to a spokesperson, while talking to a delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) jointly led by its Senior Vice President Hanif Gohar and Vice President Chaudhry Zahid Iqbal Arain here, President SAARC Chamber of Commerce and Chairman United Business Group Iftikhar Ali Malik said it was a good decision by Iran to further strengthen and deepen bilateral cooperation for trade with Pakistan. He said that currently the bilateral trade stands at $359 million including exports to Iran amounting to $36 million against its imports at $323 million.Read More...

-Ministry of National Food Security and Research has circulated a letter to provincial governments asking them to provide wheat sowing data in order to make coordinated efforts to achieve maximum crop sowing during the season. The provision of authentic data about sowing of major crop during Rabi Season would help in making appropriate policies and estimation about the crop and its output, besides ensuring the availability of inputs at federal and provincial levels, said Food Security Commissioner Dr Imtiaz Ahmad Gopang. Talking to APP here, he said that wheat sowing was started in Sindh and Punjab in pockets, adding that sowing of crop formally gained momentum by the second week of November all across the grain sowing areas in the country.Read More...

The production of farm tractors in the country witnessed an increase of 13.02 per cent to 15,234 units during first four months of current financial year 2020-21, against the production of 13,478 units in same period of last year. During July-October 2020-21, the production of trucks however witnessed a declining trend as it went down to 1,052 units as compared to 1,175 units last year, showing decrease of 10.46 per cent, latest data of Pakistan Automobile Manufacturing Association (PAMA) revealed. Similarly, the output of buses plunged to 160 units during the period under review from 207 units last year, showing decrease of 22.70 per cent. Read More...