PSX Daily Market Review - 10th Dec 2019

Trading volume at PSX floor dropped by 96.84 million shares or 23.23% on DoD basis, whereas the benchmark KSE100 index opened at 40,804.44, posted a day high of 40,916.39 and a day low of 40,314.94 points during last trading session while session suspended at 40,442.80 points with net change of -289.45 points and net trading volume of 217.62 million shares. Daily trading volume of KSE100 listed companies dropped by 50.99 million shares or 18.98% on DoD basis.
Foreign Investors remained in net buying positions of 2.14 million shares and value of Foreign Inflow increased by 0.30 million US Dollars. Categorically, Foreign Corporate and Overseas Pakistanis remained in net buying positions of 1.61 and 0.52 million shares. While on the other side Local Companies, Brokers and Insurance Companies remained in net selling positions of 10.37, 9.64 and 0.13 million shares but Local Individuals, Banks, NBFCs and Mutual Fund remained in net buying positions of 7.33, 7.10, 0.03 and 4.07 million shares respectively.

Asian shares ease slightly as tariff deadline looms
Asian equity markets ticked down on Tuesday, tracking Wall Street losses as investors fretted over a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports to take effect. Adding to the market uncertainty were comments from U.S. Agriculture Secretary Sonny Perdue on Monday that while President Donald Trump did not want to implement tariffs, he did want to see “movement” from China. The deadline looms over a series of other significant events this week, with markets also awaiting the UK election on Thursday, and U.S. and euro zone central bank meetings. Investors have focused this year on the risks of the UK crashing out of the European Union without a deal and a sharp escalation in trade war tensions, said Frank Benzimra, head of equity strategy at Societe Generale. “What you have seen since the end of the third quarter and the beginning of the fourth quarter was these two risks were receding ... And now this week you see those two concerns coming back on the market,” he said, adding that he expected their impact to be “short-term.”
93pc people of Balochistan sans gas, 88pc without electricity
Convener of the Subcommittee of the Senate Standing Committee Mir Kabeer has said that 93 percent of people of Balochistan are without gas whereas 88 percent are without electricity. The subcommittee of the senate standing committee on Planning Development and Reforms that met with Senator Mir Kabeer observed that after the approval of the PSDP 2019-20, members of the Senate Standing Committees on Planning had recommended to add their new schemes to the developmental portfolio but they were clearly told that since the PSDP had been approved therefore no new schemes can become part of it.
Senators allege bribery as development portfolio modified post budget
A Senate Panel on Monday termed as ‘bribery’ the induction of 42 projects in the development portfolio after the approval of the federal budget 2019-20 by the parliament and took strong exception to non-cooperation of the Ministry of Planning in investigating the matter. A three-member sub-committee led by Mir Kabir Ahmad Shahi and comprising Usman Kakar and Eng Rukhsana Zubairi was constituted by the Senate Standing Committee on Planning and Development to probe into inclusion of development schemes after the budget had been passed by the parliament. The sub-committee on Monday expressed its displeasure over the absence of minister for planning, deputy chairman Planning Commission and the secretary planning from the meeting despite the fact that schedule of the meeting had been finalised in consultation with the relevant authorities.
Sindh to move SC again for land settlement fund
On a directive of the Sindh cabinet, the province’s top law officer is set to file an application in the Supreme Court with a request to fix for hearing a pending application of the province seeking the funds being deposited by the Bahria Town Limited for settlement of cases about its project in Karachi. The federal and provincial governments had filed identical applications in the apex court in August claiming the money. The Sindh government through Advocate General (AG) Salman Talibuddin had moved the apex court in August, seeking a directive for transfer of the amount of down payment deposited by Bahria Town as well as all future payments to the provincial government account.
Release of 50,000 tonnes of wheat to Sindh ordered
Minister for National Food Security and Research Makhdum Khusro Bakhtyar on Monday issued directives for immediate release of 50,000 tonnes of wheat to Sindh from Pakistan Agricultural Storage and Services Corporation (Passco) stocks. In a statement, the Ministry of National Food Security and Research said that there is no issue with the wheat stocks released from Passco to provincial food departments of Sindh and Khyber Pakhtunkhwa. The minister also formulated a committee comprising representatives from Passco, provincial food departments and Pakistan Flour Mills Association (PFMA). The committee would be chaired by Secretary Food Security Muhammad Hashim Popalzai to ensure smooth and timely distribution of wheat to the two provinces.