Morning Market Brief 27th Nov. 2020

The Benchmark KSE100 index have continued its pull back during last three trading sessions after getting support from a rising trend line, as of now it's going to face its initial resistance from resistant trend line of its descending wedge at 41,330pts, it's expected that index would start the day with a positive spike and would try to target its resistant region between 41,330pts-41,500pts and in case it would not succeed in penetration above this region then it would start sliding downward while breakout above this region would call for 41,800pts-41,960pts. It's being caged in a triangle on daily chart inside a descending wedge and this triangle's supportive and resistant trend lines are becoming closer with every passing day and it's becoming evident that index have to gave a breakout of either side of this triangle. Daily and weekly momentum indicators are in bullish mode but hourly indicators have changed their direction towards bearish side, it's expected that index would try to create a cheat pattern if it would succeed in closing above resistant trend line of its descending wedge because in this case strong resistant regions are standing between 41,700pts-42,000pts and a breakout above these regions would be necessary for continuity patter for which index would need huge volumes. In case of rejection from its resistant regions index would try to find support around 40,500pts-40,600pts regions while breakout below these regions would push index again back towards 40,000pts and 39,760pts.

Asian shares stalled near record highs on Friday as investors weighed renewed doubts about a highly-anticipated coronavirus vaccine against hopes that some of the region’s economies will recovery quicker than their Western peers.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.11% but remained with striking distance of a life-time peak touched this week. Australian shares were down 0.56%. Japan’s Nikkei fell 0.12% in choppy trade. Shares in China rose 0.37% after data showed Chinese industrial profits hit a nine-year high. South Korean stocks also rose 0.05%.Read More...

The British High Commissioner, Christian Turner, Thursday offered to provide all possible help from the British government for the people of Pakistan in mitigating the socio-economic impact of COVID-19 pandemic. The ambassador extended this offer during a call on meeting with Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here. During the meeting, the adviser exchanged views with the High Commissioner on matters of common interest, according to a press statement issued by the Finance Ministry. The Adviser briefed him about the measures taken by the government to lessen the adverse economic impact and protect vulnerable segments of the society during the coronavirus pandemic.Read More...

Heavy Mechanical Complex (HMC) has shown interest in joint ventures and partnerships with the private sector to harness the potential of local industry for indigenous production of products. Engr Zaheer Shah, Managing Director, Heavy Mechanical Complex (HMC), along with his team visited Islamabad Chamber of Commerce and Industry (ICCI) and exchanged views with Sardar Yasir Ilyas Khan, president ICCI, to enhance collaboration with the private sector. Abdul Rehman Khan, Vice President ICCI, was also present at the occasion.Read More...

At an exclusive event hosted for non-resident Pakistanis in Dubai, His Highness Sheikh Nahayan Mabarak Al Nahayan, chairman of Bank Alfalah, introduced the Roshan Digital Account, an initiative of the government of Pakistan and State Bank of Pakistan (SBP). At the occasion, His Highness, Sheikh Al Nahayan said: “Pakistan, by several important measures, is recognized as an emerging international financial services center. This Roshan Digital Accounthas been designed from the ground up to cater to the needs of high-net-worth individuals through a sophisticated digital platform.Read More...

The ministry of commerce has started consultation with stakeholders on proposed Pakistan-Afghanistan preferential trade agreement (PTA), which is likely to be finalised in next few month. Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood yesterday chaired the first consultative session with the stakeholders on proposed Pakistan-Afghanistan PTA at the ministry of commerce. “Valuable inputs were provided by various stakeholders. This will now be followed by sector-specific meetings so that Pakistan’s Request List for the PTA can be finalised for discussion with Afghanistan which is expected to take place at around middle of next month,” said Razak Dawood after the consultation meeting on Twitter.Read More...