The Weekly Bull - November 21, 2019
Updated: Nov 26, 2019
The Numbers Game
PSX Overview
KSE 100’s bull run comes to a halt after reaching it’s highest at 38,564 points. Since November 19, 2019, the index is on a decline. At the time of writing, the value of KSE 100 is 37,101, which is still 0.13% higher than the value of the previous week and is 12.33% higher on an MoM basis as well.
The index has recovered 9,894 points so far from its recent lows of 28,670 points recorded in August. Investors were enthused by the news of improvement on the economic side where Pakistan’s current account recorded a surplus of $99m in October after a gap of four years. The market is awaiting the State Bank’s monetary policy announcement on Nov 22.
Crypto Overview
The crypto market activity declined significantly over the past week. The global market experienced a 9.21% decline in market cap however the trading volumes remained stable between the ranges of $57bn to $67bn. At the time of writing, the global market cap and trading volumes stand at $217bn and $67bn respectively.
The News
Pakistan’s stocks outperform the world’s leading stock markets, a report by Bloomberg. Bloomberg.
Pakistan plans to boost biotech exports to $20 bn in the next ten years. Business Recorder.
LG and Kakao partner up to bridge public and private blockchains. The Korea Herald.
The Crypto community anticipates a boost in adoption as negative interest rates become a part of ECB’s monetary policy. Since savers now have to pay the banks to protect their money, savers now look at alternative markets to safeguard their savings. CoinTelegraph.
Binance Enters Indian Market With Acquisition of Crypto Exchange WazirX. CoinDesk.
Bitcoin becomes more attractive as US national debt growth becomes unsustainable. Bloomberg.
Polymath Moves Security Token Platform Off Ethereum and Onto Parity’s Substrate. CoinDesk.
Analysis of $400M in illicit XRP activity shows it’s mostly theft and Ponzi schemes. TNW.
Dash takes yet another step towards mass DASH adoption as Cryptobuyer Partners with Dash Text for SMS Cryptocurrency Purchases. DASH News.
Regulatory Updates
The National Assembly's Amendment Subcommittee on Parliamentary Affairs passed a legal amendment to the still-in-development Special Financial Transactions Information Act to force virtual asset exchanges to register with the Financial Services Commission (FSC). Company owners failing to comply will end up in jail. CoinDesk.
The Street
Neo-based computer science course to be offered at St. Petersburg State University. Medium.