That’s why it needs to onboard as many users as possible. But with an average age of 28, most users aren’t keep huge sums in their Robinhood accounts racking up interest that generates revenue for the startup. Robinhood democratizes stock trading, making it lucrative to younger, less wealthy clients for whom potential gains on small investments would be wiped out by fees. Robinhood earns money through interest on cash balances kept in the app and lending services, such as the ability to trade on margin.
Founded in 2013, Robinhood now has 60 employees, and has won both the Apple App Store and Google Play design awards. The startup is expanding in hopes of making good on the $66 million in funding its received from NEA, Index, Slow Ventures, and Andreessen Horowitz, as well as celebrities like Jared Leto and Snoop Dogg. It’s processed $6 billion in transactions, saving users $100 million in fees. It undercuts services like E*Trade and Scottrade that charge around $7 to $10 per trade to fund their marketing and physical branches. The week ahead is an interesting one indeed.Robinhood’s mobile app charges no commission to buy and sell stocks, and now has over 1 million users. Dips can be buying opportunity, the bourse direction hangs in a balance with bulls and bears exerting an equal force. Looking forward, we expect recovery to continue.
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A major disappointment has come into the market after the failed software rollout and investment confidence is badly hurt, which is portrayed in the slow recovery of the bourse as an investor remains cautious after a traumatizing experience. It would be really surprising if the rate is cut instead. The majority of expectations are towards a hike or stability. However, the mixed signals from global markets and the resurgence of COVID may alter the course. A potential downside risk is a speculation on the SBP policy rate hike. The chart below still indicates the same old levels but after a confirmation during the week ahead, it will be updated. These levels are higher highs indicating a potential of the index reaching a new high for its final rally. The index has carved a new bottom at 43000 +/- 300 and a pivot at 45800 +/- 100. Looking forward, we market turbulence to exist in foreseeable future keeping it unpredictable and nerve-wracking.
Although not directly related to the PSX, such events do create pressure on the USD/PKR currency relationship. Another concerning event is the rejection by IMF on the $6 billion bailout program. Although the economic history of the country tells us that rates once gone up rarely come down again. In the light of global events and economic distress prevalent in the country, we can only hope that the policy rate hike may be a temporary decision - albeit a short-sighted one. Looking forward to PSX, a double bottom has been observed at 43800 +/- 300, bourse remains unstable in the light of ever-changing economic tides, economic disturbances, uncertainty, and political instability.
On the global front, another rapidly spreading variant of COVID-19 named "Omicron" has sent the government into panic lockdown and dashed the hopes of economic recovery and early policy rate hikes. Overall the decision of such a steep hike feels like a disaster as it will negatively impact a wide spectrum of economic activities and may not yield any sizeable benefits to cut down inflation. At times it feels the steering wheel of policymaking is broken causing the economic vehicle to steer erratically from side to side. While a rate hike was well expected due to overheating economy, the jumping increase of 150 bps has jolted the investors out of their seats. This time a gaping wound of an interest rate hike. After the software failure woes of Jul-Oct, now comes another bleeding session to PSX.
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