PSX Daily Market Review - 10th Oct 2018

Trading volume at PSX floor increased by 39.11 million shares or 21.03% on DoD basis, whereas the Benchmark KSE100 index opened at 37,965.23, posted a day high of 39,027.34 and day low of 37,965.23 points while the session suspended at 38,504.84 with net change of 606.55 points and net trading volume of 125.04 million shares. Daily trading volume of KSE100 listed companies increased by 11.22 million shares or 9.86% on DoD basis.
Foreign Investors remained in net selling position of 16.39 million shares and net value of Foreign Inflow dropped by 15.72 million US Dollars. Categorically, Foreign Individuals and Corporate remained in net selling positions of 0.12 and 19.07 million shares but Overseas Pakistanis investors remained in net buying positions of 2.80 million shares. While on the other side Local Companies, NBFCs, Mutual Fund, Brokers and Insurance Companies remained in net buying positions of 7.61, 0.1, 7.02, 6.79 and 4.35 million shares but Local Individuals and banks remained in net selling positions of 11.13 and 0.52 million shares respectively.

IMF sees growth falling at 4pc in FY2019
The International Monetary Fund (IMF) sees growth to fall at four percent during the current fiscal year of 2018/19 as it says the economy is losing grip on the gains made during the previous years.
Gasoline prices feared to increase 15pc on rupee depreciation WB
Petrol prices are feared to increase by up to 15 percent after the latest rupee freefall that could unleash inflationary pressures on almost all the goods and services, traders and industry officials said on Tuesday. An estimate showed that price of super petrol, which is currently hovering at Rs93/litre, could be increased by Rs11 to Rs14/litre with the start of next month. People should be ready for new prices ranging between Rs104 to Rs107/litre if the government passes through the impact. Similarly, diesel price, which presently stands at Rs106.60, could jump by Rs13.
FBR to penalise non-filers
The Federal Board of Revenue (FBR) will slap up to five percent penalty on registration of motor vehicles on the name of non-filers. A document on Tuesday showed that the FBR fixed five percent penalty of the motor vehicle’s value if an auto maker accepts or processes an application of non-filer for booking or purchasing of locally-manufactured motor vehicle. The penalty is three percent for a registration authority of an excise and taxation department.
Cement sales post 18.9pc growth in Sept
Domestic cement consumption bounced back in September 2018 after two months of lacklustre growth, registering a double digit increase compared with domestic consumption in the corresponding period of last year. Sales grew 18.90 percent to 3.806 million tons in September 2018, as compared to 3.201 million tons in September 2017.
Government needs $8 billion to pay back loans: minister
Federal Minister for Information and Broadcasting, Fawad Chaudhry has said that current economic situation compelled the Pakistan Tehreek-e-Insaf government to take difficult decision of approaching the International Monetary Fund (IMF), as the country has to pay $8 billion foreign debt during the ongoing financial year. Talking to media persons after attending an event in connection with World Post Day here on Tuesday arranged by Pakistan Post, he said the government is taking decisions to help the country stand on its own feet.

The Benchmark KSE100 Index have bounced back after getting support from a strong horizontal supportive region but could not succeeded in penetration of its major resistant region of 39,086 points in upward direction during last trading session. As of now daily momentum indicators are trying to generate bullish crossovers and if these indicators would succeed in doing so then index would try to target 39,600 points, but to continue its bullish momentum index need to close above 39,086 points on daily chart otherwise index would try to penetrate its previous low of 37,600 points for a further dip towards 36,500 points. It’s recommended to stay cautious during current trading session and initiate trades with strict stop loss.