Morning Market Brief 20th Oct. 2020

The Benchmark KSE100 index have face rejection from crossover of two trend lines on daily chart along with a strong horizontal resistant region during last trading session, meanwhile a daily double top formation have been created and these objects would try to push index into negative zone during current trading session. Daily MAORSI and MACD are still in bearish mode and these would try to push index initially towards 40,000pts while breakout below 40,000pts this time would call for 39,700pts and 39,450pts. While on flip side index would face initial resistance at 40,500pts which would be followed by 40,760pts as these both region fall on a descending trend line and strong horizontal resistant region respectively. For current trading session selling on strength could be beneficial as index seems losing strength after an initial slight spike.

Asian stocks slipped on Tuesday as investors adjusted risk exposure heading into the U.S. election and as a deadline for Washington to pass an economic stimulus bill approached while Europe reported record daily coronavirus infections. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.11% lower after U.S. stocks ended the previous session in the red. Australian and Japanese markets also dipped and MSCI’s gauge of stocks across the globe was 0.09% lower. Japan’s Nikkei slipped 0.34%. Hong Kong’s Hang Seng index bucked the trend to rise 0.16%. Investors await key earnings results later in the week for companies including Netflix Inc and Tesla Inc.Read More...

A parliamentary committee was informed on Monday that, Ministry of Commerce is addressing issues related to Pak-Afghan trade, like permits, delays in clearance of goods, difficulty in registration of goods documents, insufficient space for clearance and handling of goods. The meeting of the Standing Committee on Commerce, under the Chairmanship of Syed Naveed Qamar, was held in the Parliament House, Islamabad. The Ministry of Commerce briefed the Committee on Afghan-Pakistan Trade and revision of Afghan Pakistan Transit Trade Agreement (APTTA) 2010. The Committee further discussed the institutional arrangements, challenges and issues in transit trade with Afghanistan. The Committee was informed that Afghanistan Pakistan Transit Trade Coordination Authority (APTTCA) was established to monitor the effective implementation of the agreement.Read More...

Caught between political and economic compulsions, a special meeting of the Economic Coordination Committee (ECC) of the cabinet struggled to fix minimum support price (MSP) for the upcoming wheat crop and constituted a subcommittee to evaluate the proposal seeking a 25 per cent increase in the support price. Informed sources told Dawn that senior members of the cabinet opposed the increase in MSP from Rs1,400 to Rs1,745 per 40kg as proposed by the Ministry of National Food Security and Research (MNFSR), saying it was not the right time from a political angle.Read More...

Prime Minister Imran Khan on Monday feared a second wave of Covid-19 in the coming months in cities where pollution levels are high. “I fear there might be another spike of coronavirus in cities where the rate of pollution increases in October and November,” the prime minister said while addressing the encouragement award ceremony of ‘Clean Green Index of 19 Competing Cities of Punjab and Khyber Pakhtunkhwa’. In a separate meeting, the prime minister was apprised of the Punjab government’s plan to provide subsidised consumer items to people at 350 Sahulat bazaars to be established in the province.Read More...

The National Assembly’s Standing Committee on Power deferred two bills related to empowering the police to arrest consumers for theft and to impose surcharges on electricity. The meeting of the National Assembly’s Standing Committee on Power presided over by MNA Chaudhry Salik Hussain opposed Regulation of Generation, Transmission, and Distribution of Electric Power Amendment Bill 2020). The ruling PTI MNA Saif Ur Rehman from Karachi walked out from the committee meeting against the attitude of the K-Electric towards the committee.Read More...