The Numbers Game
The previous week has been a very profitable one for KSE 100. The week started with KSE 100 at 37,101 and is currently trading at 39,212 locking a 5% increase throughout the week. Similarly, an increase of 28% has been observed in the trading volumes as well; at the time of writing, the trading volumes stand at PKR 213M. The index has recovered 10,542 points so far from its recent lows of 28,670 points recorded in August. The ongoing rally is a result of strong fundamental developments and positive trader sentiments.
Some notable fundamental developments include PIA’s acquisition of two A320 aircraft on dry lease, Ufone, PTCL announcing joint major restructuring, govt engaging OGDC, PPL, MPCL to explore four blocks, a Chinese company planning to invest $250 million in Service Industries, and D.G Khan Cement planning expansion.
The past week started off with bears in full control of the market but the situation recovered significantly as the week progressed. The market started to recover after the market cap hit a weekly low of $180bn. This has been the lowest market cap in the previous 3 months. At the time of writing, the global market cap stands at $203bn that is 12% up from its weekly lows. However, trading volumes have been extremely volatile throughout the week and are currently declining.
PSX signs an agreement with Shenzhen to upgrade trading and surveillance systems. The News.
Credits Blockchain Announces Mainnet Swap. Time to Replace Ethereum Protocol. NewsBTC.
Binance and TravelByBit partner up to launch Crypto-backed travel-based rewards. Binance Press.
Bitfinex and Tether Receive Another Class Action Lawsuit in US Courts. News.BTC.
Big Four audit firm KPMG has officially launched a blockchain-based track and trace platform in Australia, China, and Japan. KPMG Press Release.
Cardano Foundation’s ADAPay goes live. The solution allows merchants to accept ADA payments with a “near-instant” settlement in 35 fiat currencies directly in their bank accounts. Cardano Press.
Major American cryptocurrency exchange Coinbase has been awarded a patent for a system that identifies and flags non-compliant accounts. CoinTelegraph.
Travala Partners With Booking.com - 90,000 Crypto Accepting Destinations Added. News.BTC.
US Government Worried Crypto Can Shift Power to Private Sector. News.BTC.
Despite St. Louis Branch Warnings, New York Fed Pumps $108 Billion Into US Economy. News.BTC.
Africa will define the future of Bitcoin, Says Jack Dorsey, CEO of Twitter. CoinTelegraph.