Morning Market Brief 8th Dec. 2020

The Benchmark KSE100 index is facing rejection from resistant trend line of bullish price channel since last three days and now it’s expected that it would take a slight dip during current trading session for resting of resistant trend line of its previous triangle. For day trading it’s recommended to start selling on strength with strict stop loss of 42,500pts while on short term basis index would remain bullish until it would not succeed in sling below 41,000pts on daily chart. Initially it’s expected that index would try to show some volatility in first half of the day but later on it would face bearish pressure which may lead index towards 41,850pts where it would try to establish ground above a strong horizontal supportive region but breakout below that region on hourly chart would push index further downward till 41,500pts.While on flip side in case of bullish pull back index would face initial resistance at 42,350pts which would be followed by 42,500pts and 42,860pts. Hourly momentum indicators are under pressure and these would try to lead index in negative zone while daily stochastic already have generated a bearish crossover which indicates that these would put pressure on index during current trading session.

Asian stocks came under pressure on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety over a surge in COVID-19 infections.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25%. Australia’s S&P/ASX 200 inched up 0.23% as gold miners rose on strong bullion prices, though gains were capped by losses in energy stocks triggered by an overnight slump in oil prices. Japan’s Nikkei 225 narrowed its losses from early trade, down 0.27%, as Prime Minister Yoshihide Suga unveiled 73.6 trillion yen ($708 billion) in fresh economic stimulus measures, signalling his resolve to pull the country out of its coronavirus crisis-induced slump.Read More...

Pakistan on Monday has highlighted that to expand trade between the Central Asia Regional Economic Cooperation countries (CAREC) programme, Transit Trade Agreements (TTAs) amongst member countries leading to the Regional Free Trade Agreements (RFTAs) may be considered. Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar participated in the 19th Ministerial Conference of Central Asia Regional Economic Cooperation (CAREC) virtually held on 7th December 2020. President of Afghanistan Mr Mohammad Ashraf Ghani while delivering his special message, especially appreciated the Prime Minister Imran Khan’s recent visit to Kabul. He termed the PM Imran Khan’s visit an important milestone in strengthening bilateral ties and enhancing prospects for regional cooperation and integration.Read More...

The newly selected members of National Culinary Team of Pakistan (NCTP) were conferred with prestigious belts by Mr Ahmad Shafiq at COTHM New Garden Town Campus. Notably, the members were selected during the annual trials. The candidates who managed to make up to the finals include Shehroz Babar, Naveed Akhtar, Hadia Tariq, Maham Tanveer Hussain and Muhammad Haseeb Zahid. The National Culinary Team of Pakistan will participate in international culinary competitions around the globe and will play a vital role in promoting the soft image of Pakistan internationally. Representation at international forums through such ventures will reinforce identity as proud people of substance.Read More...

The Chinese Ambassador, Nong Rong, has Monday said that China is keen to work with Pakistan in field of energy including power projects under China Pakistan Economic Corridor (CPEC). The newly appointed Ambassador of China to Pakistan, H.E Nong Rong has expressed these views in a meeting with Federal Minister for Energy Omar Ayub Khan. Omar Ayub Khan welcomed the Chinese Ambassador in his office. Chairman CPEC Authority Gen. (R) Asim Saleem Bajwa and Special Assistant to Prime Minister on Power Tabish Gouhar & Secretary Power Ali Raza Bhutta were also present at the meeting. During the meeting, both sides reviewed the progress of power projects under the China Pakistan Economic Corridor (CPEC) & agreed to continue the cooperation in the field of energy in the mutual interest of both countries. Federal Minister for Energy Omar Ayub said that lowering the cost of power generation is the prime focus of our government.Read More...

National Price Monitoring Committee (NPMC) on Monday has expressed satisfaction that prices of essential items getting down. Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh chaired a meeting of National Price Monitoring Committee (NPMC) at the Finance Division to discuss the prices and supply position of essential food items. The Finance Secretary while presenting the price trend of essential commodities informed that according to latest SPI released by PBS there is a decline in the prices of 13 essential commodities, for instance, wheat flour, sugar, onions, tomatoes and potatoes. The prices of 17 commodities have increased slightly whereas the cost of 21 items remained stable. The Committee was also informed that the profit margin between the prices of wholesale and retail consumers is also coming down. Read More...