PSX Daily Market Review - 11th July 2018

Trading volume at PSX floor increased by 44.23 million shares or 37.79% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 39,261.36, posted a day high of 39,559.19 and a day low of 38,561.31 during last trading session. The session suspended at 39,452.81 with net change of 164.33 and net trading volume of 116.62 million shares. Daily trading volume of KSE100 listed companies increased by 41.01 million shares or 54.25% on DoD basis.
Foreign Investors remained in net selling position of 14.57 million shares and net value of Foreign Inflow dropped by 10.23 million US Dollars. Categorically, Foreign Individual remained in net buying positions of 0.04 million shares but Foreign Corporate and Overseas Pakistani investors remained in net selling positions of 7.91 and 6.69 million shares. While on the other side Local Individuals, Companies, Banks, NBFCs, Brokers and Insurance Companies remained in net buying positions of 9.36, 2.67, 3.81, 0.28, 2.68 and 5.52 million shares but Mutual Funds remained in net selling positions of 7.63 million shares respectively.

Stocks slide broadly as U.S. ups ante in trade conflict
U.S. threats of tariffs on an additional $200 billion worth of Chinese goods sent Asian stocks lower on Wednesday, with China’s markets leading the declines, as trade tensions between the world’s two biggest economies worsened. Washington proposed the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday. The United States had just imposed tariffs on $34 billion worth of Chinese goods on Friday, drawing immediate retaliatory duties from Beijing on U.S. imports in the first shots of a heated trade war. U.S. President Donald Trump had warned then that his country may ultimately impose tariffs on more than $500 billion worth of Chinese imports.
PRGMEA blames SBP for discriminating in refunds claims
Pakistan Readymade Garments Manufacturers and Exporters Association has blamed central bank for allegedly discriminating in disbursement of textile exporters' refund claims. PRGMEA Senior Vice Chairman Sheikh Luqman Amin has invited the attention of SBP Governor Tariq Bajwa to the issue of delay in payment of refunds particularly to the textile exporters by the SBP Sialkot branch. He said this branch of central bank is favouring other sectors and victimizing the exporters of textile apparel industry, who have not been paid even refunds under the previous Export Package of the PM. He appealed to the governor to direct the branch offices for early release of refund amount without any delay, as more than 30 percent cash flow was blocked since long in the shape of sales tax refund and Customs rebate, which is adversely damaging cash liquidity.
Public, private sectors pledge donations for new dams
Pakistan public and private sectors, including different departments and institutions, have announced donations for the constructions of Diamer Bhasha and Mohmand Dam. The donors said that nation has a proven track record for generously contributing towards welfare projects and this fund raising movement shall also get desired momentum to help generate required funds at a very fast pace. It is high time to work as a nation and overcome this menace of water scarcity through a national resolve to leave behind a better and prosperous country for our future generations, they added.
Little progress on CPEC ML-I, SEZs riles minister
Minister for Finance, Planning, Development and Reform Dr Shamshad Akhtar showed her displeasure over the slow progress of work on Pakistan Railways ML-I project and Special Economic Zones under China Pakistan Economic Corridor (CPEC) and said that work should be expedited on these projects. Presiding over the 55th Review meeting of the CPEC projects, the minster was shocked to note that so little work was done in the past four years on the ML-I and SEZs and said that work on the projects should have been in advance stage, it is learnt reliably here.
Remittances up by 1.4pc to $19.6b in FY18
Overseas Pakistani workers remitted 19.623 billion dollars during fiscal year 2017-18, showing a growth of 1.4 percent compared with $19.351 billion received during the same period in the preceding year. During June 2018, the inflow of workers' remittances amounted to $1594.41 million, compared to $1771.21 million during May 2018, said a SBP statement on Tuesda

ATRL, SSGC, ASL and MLCF may lead the index in positive zone.

The Benchmark KSE100 Index have penetrated its supportive trend line on daily chart but it pulled back before closing of the session for closing inside its bearish trend channel and index have formatted an inverted hammer on daily chart which is a weak reversal sign. For current trading session index have resistant regions at 39,800 and 40,200 points while 50% correction of current bearish rally would also complete at 40,355 points. Supportive regions for the session are standing at 38,900 and 38,300 points. Its recommended to adopt swing trading strategy for current trading session.