PSX Daily Market Review - 11th Dec 2018

Trading volume at PSX floor increased by 25.64 million shares or 19.95% on DOD basis whereas the Benchmark KSE100 index opened at 38,826.23, posted a day high of 39,438.68 and day low of 38.826.23 during last trading session while session suspended at 39,299.62 points with net change of 737.57 points and net trading volume of 113.19 million shares. Daily trading volume of KSE100 listed companies increased by 21.80 million shares or 23.86% on DOD basis.
Foreign Investors remained in net selling positions of 5.02 million shares and net value of Foreign Inflow dropped by 2.51 million US Dollars. Categorically, Foreign Individuals, Corporate and Overseas Pakistanis investors remained in net selling positions of 1.99, 3.02 and 0.02 million shares. While on the other side Local Individuals, Banks, NBFCs and Brokers remained in net buying positions of 12.18, 0.27, 0.05 and 6.42 million shares respectively but Local Companies, Mutual Funds and Insurance Companies remained in net selling positions of 7.09, 0.54 and 5.62 million shares.

Asia shares near three-week lows, sterling struggles on Brexit woes
Chinese shares pulled ahead on Tuesday after Beijing confirmed it was still in trade talks with the United States, though sentiment remained fragile in Asia as the pound wallowed near 20-month lows on deepening political turmoil over a Brexit deal. Chinese Vice Premier Liu He spoke with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on Tuesday, exchanging views on pushing forward the next stage of trade talks, China’s Commerce Ministry said.
Women’s role essential for sustainable growth: ICCI
Islamabad Chamber of Commerce and Industry (ICCI) President Ahmed Hassan Moughal said that women accounted for almost half of country’s total population and bringing them in the economic mainstream was essential for sustainable growth of the country. He called upon the government to take policy measures to create a conductive environment for promoting women enterprises in the country. He said this while exchanging views with a delegation of Rawalpindi Women Chamber of Commerce and Industry (RWCCI) that called on him led by its Senior Vice President Ms. Sadia Waseem Khawaja. Rafat Farid Senior Vice President, Iftikhar Anwar Sethi Vice President ICCI and others were also present at the occasion.
Govt releases Rs182b for uplift under PSDP
The government has released over Rs 182.04 billion under its Public Sector Development Programme (PSDP) 2018-19 for various ongoing and new schemes against the total allocations of Rs675 billion. The released funds include Rs 70.94 billion for federal ministries and Rs 18.5 billion for special areas, according to a latest data released by Ministry of Planning, Development and Reform. Out of these allocations , the government released Rs 81.26 billion for National Highway Authority out of total allocation of Rs 185.2 billion, whereas Rs 8.7 billion have been released for NTDC and PEPCO for which an amount of Rs 33.36 billion was allocated under PSDP 2018-19.
LCCI for ease of doing business, relaxing import duty
Starting a business should be made easy to improve Pakistan’s ranking in ease of doing business index, said Lahore Chamber of Commerce & Industry (LCCI) President Almas Hyder. “We would have to come at par with the developed nations to strengthen our economy,” he said in a statement here on Monday. He said that government would have to separate registering a company from regulating the company. He said that starting business in Pakistan is a hefty task and one of the major reasons behind economic woes of Pakistan.
SDG task force’s role in socio-economic uplift lauded
Speakers at a seminar Monday appreciated the role played by Sustainable Development Goals (SDG) task force in uplifting and emphasising on the problems regarding health, education, shelter and livelihood in remote areas of the country. The seminar was organized by Pakistan Institute for Parliamentary services in collaboration with Oxfam in continuation of celebrations to celebrate 70 years of United Nations Declaration of Human Rights (UDHR).

The Benchmark KSE100 Index have opened with a positive gap during last trading session and have formatted a morning star on daily chart while completing 38% correction of its latest bearish rally during last trading session but right now it’s being capped by resistant trend line along with a horizontal resistant region at 39,415 and 39,660 points respectively. This morning star have been formatted on a very crucial stage and this kind of evident formations usually create a cheat pattern therefore it’s recommended to stay cautious during current trading session because if index would not succeed in opening above 39,415 points with a positive gap then it would become very difficult for it to continue its bullish momentum. Daily momentum indicators have generated bullish crossovers with yesterday’s closing but meanwhile hourly momentum indicators have indicated a reversal patter which could be witnessed till day end.
Major index mover and volume leader instruments have started reversal during last trading session, PSO have reversed to 239 after getting resistance from its horizontal resistant region of 244 Rs and it would face strong resistances at 244-45 in case of any spike, while TRG, PAEL, DGKC and ISL have followed the same pattern except ATRL which is still fighting to break its resistant region of 174 Rs. It’s recommended to be ready for a swing in case of pressure during current trading session.