PSX Daily Market Review - 12th Jan. 2018

Trading volume at PSX floor dropped by 8.31 million shares or 2.54% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 43693.60, posted a day high of 43824.04 and a day low of 43140.94 during last trading session. The session suspended at 43395.28 with net change of -234.47 and net trading volume of 163.18 million shares. Daily trading volume of KSE100 listed companies increased by 19.42 million shares or 13.51% on DoD basis.
Foreign Investors remained in net buying position of 1.34 million shares and net value of Foreign Inflow increased by 0.25 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net buying positions of 0.42 and 2.68 million shares but Foreign Corporate Investors remained in net selling position of 1.76 million shares. While on the other side Local Individuals and Companies remained in net buying positions of 12.26 and 10.17 million shares but Local Banks, NBFCs, Mutual Funds, Brokers and Insurance Companies remained in net selling postions of 1.16, 10.19, 8.41, 4.33 and 1.39 million shares respectively.

Asian stocks resumed their ascent on Friday, supported by U.S. earnings optimism and a rise in oil prices while the euro edged higher as the European Central Bank signaled an end to its massive stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, following two straight sessions of decline. Japan’s Nikkei dipped 0.1 percent. China’s custom-cleared trade data showed brisk growth in exports and imports in 2017, underscoring a global economy that continues to hum along nicely.
World Bank Country Director Patchamouthou Illangovan disclosed this in a meeting with Adviser to Prime Minister on Finance, Miftah Ismail. Both also discussed the ongoing and future World Bank funded projects and prograqmmes. Illangovan apprised the adviser about the forthcoming visit of Annette Dixon, World Bank Vice President, to Pakistan to discuss the current state of economy and other related matters. He also informed him about the visit to Pakistan by Snezana (Nena) Stoiljkovic, IFC Vice President for Asia. He shared with the adviser progrmme by the World Bank for undertaking over a billion USD worth of new projects/development progrmames in the near future .The adviser welcomed the planned visit of Annette Dixon saying he looked forward to meeting her for a meaningful discourse on Pak-World Bank economic cooperation. He said the visit would help enhance the current level of bilateral cooperation.
January 5, 2018. The weekly break-up of the foreign reserves position released on Thursday showed that foreign reserves held by the State Bank of 0 stood at $13,982.5 million and net foreign reserves held by commercial banks are $6,037.5 million. During the week ending 5th January, SBP’s reserves decreased by $124 million to $13,983 million, due to external debt servicing and other official payments.
Punjab Board of Investment and Trade and the Pakistan China Joint Chamber of Commerce and Industry have signed a memorandum of understanding for synergizing their efforts by working together and advancing their common objectives, sharing quantitative and qualitative data and developing a common vision for the assessment and growth of investment opportunities.CEO PBIT , Jahanzeb Burana and President PCJCCI , S. M. Naveed signed the agreement at Punjab Board of Investment and Trade office. The aims of signing this MoU are to set out the basis for cooperation between the two organizations for the economic integration of two brotherly nations - China and Pakistan - through increased regional connectivity for mutual benefit.
Industrialists in a meeting on Thursday said that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) would play a critical role in strengthening the budding industry in Khyber Pakhtunkhwa.They said that the new president of FPCCI Ghazanfar Bilour, who assumed charge two days back, belongs to prominent political and entrepreneur family of KP and he was expected to bridge the gap between federal government and industrialists of the province.Speaking on the occasion, Liaqat Ahmad Khan, former president of Sarhad Chamber of Commerce and Industry (SCCI) and prominent member of Swabi Chamber of Commerce and Industry , said that the single industrial zone in the district Swabi, Gadoon Amazai Industrial Estate (GAIE) had been ignored by successive governments and the role of the federal government for Gadoon Estate is very crucial.
Market is expected to remain volatile.

The Benchmark KSE100 Index have reached a very crucial level as its capped by a horizontal resistance at 43760 while if it would become able to cross that region then next resistances are standing at 44200 and 44340. Daily Stochastic and MAORSI are ready for a bearish crossover and if they would succeed in doing so then bullish momentum would expire and market would start a correction towards 42167, but on its way towards that region it have supportive regions around 42900. Its recommended to book profits and stay side line for current trading session as this session's closing would also formate weekly candle and market would clear its direction after weekly closing.