PSX Daily Market Review - 11th Feb 2019

Trading volume at PSX floor increased by 31.43 million shares or 22.83% on DoD basis, whereas the benchmark KSE100 index opened at 41,358.68, posted a day high of 41,453.10 and a day low of 40,790.60 points during last trading session while session suspended at 40,887.35 with net change of -445.40 points and net trading volume of 124.64 million shares. Daily trading volume of KSE100 listed companies increased by 60.46 million shares or 94.21% on DoD basis.
Foreign Investors remained in net buying positions of 5.74 million shares and net value of Foreign Inflow increased by 3.13 million US Dollars. Categorically, Foreign Individuals remained in net selling positions of 0.02 million shares but Foreign Corporate and Overseas Pakistani investors remained in net buying positions of 5.55 and 0.21 million shares. While on the other side Local Individuals, Banks, NBFCs, Brokers and Insurance Companies remained in net buying positions of 20.67, 3.68, 0.32, 3.44 and 4.88 million shares respectively but Local Companies and Mutual Fund remained in net selling positions of 0.33 and 36.45 million shares.

Asian shares slip, looming U.S.-China trade talks in focus
Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, U.S. politics and the Sino-U.S. trade war, keeping the safe-haven dollar well bid near a six-week top against major currencies. Chinese shares see-sawed on Monday after they resumed trading following a week-long Lunar New Year holiday. The blue-chip index .CSI300 was last up 0.4 percent, Australian stocks were down 0.6 percent while South Korea eased 0.2 percent. That left MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS off 0.1 percent after it was toppled from a four-month top on Friday.
WB suggests provincial-level regulatory frameworks
The World Bank (WB) has recommended Pakistan establish provincial level regulatory frameworks for better management of groundwater access. A recent report titled “Pakistan:Getting More from Water”, published by the World Bank said that the capacity of provincial water resources management departments should be strengthened for groundwater management and conjunctive planning.
Paris seeks $14m from Airbnb for illegal adverts
The City of Paris is suing Airbnb for publishing 1,000 illegal rentals adverts, which could cost the American rental website more than 12.5 million euros ($14 million), the mayor of Paris told a newspaper in an interview published on Sunday. Under French law, home owners in Paris can rent out their places on short-term rental platforms for up to 120 days in a year. Advertisements must include a registration number to help ensure properties are not rented out for longer. France passed a law in 2018 which makes companies such as Airbnb punishable by fines of 12,500 euros per illegal posting, a new provision Paris will use to challenge Airbnb in court, Paris Mayor Anne Hidalgo told the Journal du Dimanche newspaper. “The goal is to send a shot across the bows to get it over with unauthorized rentals that spoil some Parisian neighborhoods,” Hidalgo said in the interview. Several cities around the world have expressed concerns that platforms.
S Africa’s Eskom to implement power cuts over capacity constraint
A Tunisian court jailed seven people for life for their involvement in two deadly militant attacks in 2015, one on a museum in Tunis and the other on a hotel in a Mediterranean resort. Other defendants received jail sentences ranging from 16 years to six months, state news agency TAP quoted court spokesman Soufiane Sliti as saying. In all, 51 suspects stood trial, of whom 27 were acquitted, in hearings that lasted 18 months. The assault on the Bardo National Museum left 21 people dead, while 38 were killed in the beach resort of Sousse, some 150 kilometers (90 miles) south of the capital. Islamic State claimed both attacks.
Irsa revises projected water shortage from 38pc to 33pc
The Indus River System Authority (Irsa) has downward revised the projected water shortage during the current Rabi season by from 38 percent to 33 percent. The authority also forecasted that as per the initial estimates due to increased snowfall in the catchment areas the water shortage during the early upcoming Kharif season will also reduce to 15 percent, official sources told The Nation here Sunday.

The Benchmark KSE100 index have continued on bearish side after creating an evening shooting star on daily chart but right now it have a strong supportive region ahead at 40,760 points where resistant trend line of its previous bearish channel is creating crossover with a horizontal supportive region and these both elements would try to support index against current momentum. Daily and weekly momentum indicators have created bearish crossovers but intraday momentum has strong bullish sentiment and it would try to push index upward from 40,760 or 40,500 points. It’s recommended to stay cautious and post strict stop loss at 40,500 points on long positions and avoid initiating short positions at current level. Index would face resistances ahead at 41,100 and 41,800 points.