Morning Market Brief 31st Dec. 2020

The Benchmark KSE100 index had moved back after completing its 61.8% bullish correction on hourly chart during last two trading sessions inside it bullish price channel. As of now it's being caged in a triangle inside this channel therefore it's recommended to stay cautious and wait for breakout of this triangle in either direction to initiate new positions for short term trading. Overall index have resistant regions ahead at 43,960pts and breakout above this regions would call for next resistant region which falls at 44,200pts. While on flip side in case of rejection from its resistant regions index would try to establish ground above 43,200pts where a strong horizontal supportive region would try to support index against bearish pressure. Index would remain range bound until it would not succeed in closing above 44,200pts or below 42,500pts on daily chart. Daily and hourly momentum indicators are standing in uncertain region therefore it's recommended to stay cautious and post trailing stop loss on existing long positions.

Asian shares are set to end a tumultuous 2020 by hovering near record highs on Thursday while riskier currencies cruised near 2-1/2-year peaks, buoyed by hopes that COVID-19 vaccine rollouts will help the world beat the pandemic.The upbeat mood, reflected in overnight gains on Wall Street, drubbed the “safe-haven” dollar and drove currencies such as the euro, sterling, the Australian dollar and the New Zealand dollar overnight to highs not seen in more than 2-1/2 years. E-Mini S&P futures rose 0.11% to 3,728.5, while MSCI’s gauge of Asia-Pacific shares excluding Japan was little changed at 661.76, a hair’s breath from its record high of 661.80. For the year, the MSCI index is up nearly 20%, outpacing a 15.5% gain in the U.S. S&P 500. [.N].Read More...

The National Electric Power Regulatory Authority (Nepra) is likely to allow an increase of Rs 1.06 per unit in Power Tariff under fuel price adjustments for October and November. In a public hearing on CPPA’s petition, the regulator concluded that Rs1.06 per unit increase shall be justified under Fuel Price Adjustments for the months of October and November. For October it has been concluded to allow an increase of Rs0.29 per unit while for November it has calculated Rs0.77 per unit. The decision will allow the Discos to collect Rs8.4 billion from the power consumers. However, a NEPRA spokesman said that we have calculated this increase which is to be most probably allowed to the DISCOs.Read More...

Progressive Group, a representative platform of traders and industrialists, has appealed Punjab government to stop the Punjab Food Authority (PFA) from sealing the premises of any industry or food point carrying out food-related business till samples taken from these premises are proved of having adulteration. The Group was of the view that at present the Authority is working in a style that it acts as administration and then judiciary and declares any premises of carrying out adulterated business immediately after taking the samples and did not wait for lab reports. Progressive Group President and the Lahore Chamber of Commerce & Industry (LCCI) Executive Committee member Khalid Usman, Abdul Wadood Alvi and Muhammad Ejaz Tanveer, in a joint statement issued here on Wednesday, said that the food authority teams while visiting any food business premises impose heavy fines and even seal the premises on very minor issues.Read More...

To safeguard the hard earnings and interests of the general public, the Securities and Exchange Commission of Pakistan (SECP) has issued a public warning to refrain from investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives. “ Recently, few registered companies and unregistered entities portraying to be registered with SECP and FBR or otherwise have started offering unauthorized business activities of leasing/financing facility, MLM, pyramid/Ponzi schemes, various fake posts and also seeking deposits from the general public in the name of jobs, investment and trading etc. General Public is being warned that these schemes/activities /businesses are prohibited and restricted under the law,” said SECP in a notification.Read More...

Water and Power Development Authority (WAPDA) succeeded in achieving the historic milestones in water and hydropower sectors during 2020. Besides generating highest-ever low-cost hydel electricity, WAPDA also initiated construction work on the long-delayed mega multi-purpose Diamer Basha Dam Project in 2020. As per the details, WAPDA hydel generation continued to surge during 2020 too. As many as 22 hydel power stations owned and operated by WAPDA across the country generated 38.3 billion units, which is the highest-ever generation in a year. This record generation includes 12.08 billion units from Tarbela, 4.98 billion units from Tarbela 4th Extension, 6.48 billion units from Ghazi Barotha, 5.76 billion units from Mangla, 4.93 billion units from Neelum Jhelum and 4.07 billion units from rest of the hydel power stations. Read More...