Previous Session Recap
Trading volume at PSX floor increased by 72.37 million shares or 34.37% on DoD basis, whereas the benchmark KSE100 index opened at 35,978.16, posted a day high of 36,817.73 and a day low of 35,978.16 points during last trading session while session suspended at 36,803.10 points with net change of 824.94 points and net trading volume of 181.96 million shares. Daily trading volume of KSE100 listed companies increased by 76.47 million shares or 72.48% on DoD basis.
Foreign Investors remained in net selling positions of 6.49 million shares but net value of Foreign Inflow increased by 1.41 million US Dollars. Categorically, Foreign Individuals and Foreign Corporate remained in net selling positions of 0.04 and 10.77 million shares but Overseas Pakistanis investors remained in net buying positions of 4.32 million shares. While on the other side Local Individuals, Mutual Fund and Brokers remained in net selling positions of 3.73, 15.33, 0.006 and 3.30 million shares respectively but Local Companies, Banks, NBFCs and Insurance Companies remained in net selling positions of 3.30 million shares respectively.
Analytical Review
Asia shares left guessing on trade, await Trump speech
Asian share markets flatlined on Tuesday as uncertainty over Sino-U.S. trade talks and political strife in Hong Kong dogged sentiment, while safe-haven bonds eked out a bounce. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up a slight 0.04%, following a sharp 1.2% pullback on Monday. Japan's Nikkei .N225 dithered either side of flat, while Shanghai blue chips .CSI300 eased 0.1%. E-Mini futures for the S&P 500 ESc1 also dipped 0.1%, as did EUROSTOXX 50 futures STXEc1. Caution ruled ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day in case there was any new word on the Sino-U.S. Phase one trade deal. Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China. On a more positive note, Politico reported Trump would announce this week that he is delaying a decision on whether to slap tariffs on imported European Union autos for another six months.
PM aide on finance chastised over price hike ignorance
On a day when Adviser to the Prime Minister on Finance Dr Hafeez Shaikh rejected consumers’ concerns regarding ongoing food inflation as ‘lies’, greengrocers cited tomato prices in the metropolis hovering between Rs250-300 per kg on Monday. The president of the Falahi Anjuman Wholesale Vegetable Market New Sabzi Mandi, Haji Shahjehan, expressed shock over the adviser’s claim and said that tomatoes in Karachi were being sold for Rs250-300 per kg depending on the quality and the area after hitting the record peak of Rs320 per kg from Rs160 in a single day on Saturday. Earlier, Mr Shaikh had told a group of reporters that tomatoes were being sold as low as Rs17 per kg in Karachi’s vegetable markets.
An Exclusive interview with CarFirst CEO Raja Murad
Today with consistent hard work and determination from my team, we employ over 280 people and have over 30 purchase centers across Pakistan with many new services and products under our belt. Our top line has grown to several times the monthly volume we had in the beginning of this year, but the more interesting thing is that we are growing into new value chains and expanding our presence throughout the entire auto-sector ecosystem. In accordance with our commitment to growth, we are excited to announce that are expansion plans for Faisalabad are underway and we are soon to launch our operations in this city. We hope to open our purchase centers and warehouses in every city, making our services available to all of Pakistan.
Govt announces package worth Rs360b for increasing exports, Naya Pakistan Housing Program
The federal government on Monday announced incentive packages worth of Rs360 billion for increasing the country exports and for Naya Pakistan Housing Program. Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Sheikh said that government has decided to allocate additional Rs30 billion as subsidy for Naya Pakistan Housing Program. This subsidy amount would help in new houses. Meanwhile, the government would give tax incentives to the businesses, which would involve in housing program, Shaikh said in a press conference along with Minister for Economic Affairs Hammad Azhar, Chairman FBR Shabbar Zaidi and Special Assistant to Prime Minister on Information Dr Firdous Ashiq Awan.
Construction of 900MW RLNG based power project to start in Dec
The construction of K-Electric’s 900MW RLNG-based Bin Qasim Power Station (BQPS)-III will commence in December. The project has received all required approvals and is part of KE’s planned initiatives resulting in investments of around $3 billion across the power value chain over the next few years, said a press statement issued here Monday.The cost of 900MW RLNG-based Bin Qasim Power Station (BQPS)-III is project is $650 million. The project was conceived in 2016 and after the completion of feasibility studies it was approved and publicly announced in 2017. Although the project timeline has been affected due to delay in finalization of KE’s multi-year tariff, the power utility is determined to execute it on a fast track, and according to the project contracts signed last month, the plant is expected to start producing electricity by summer of 2021.
Asian share markets flatlined on Tuesday as uncertainty over Sino-U.S. trade talks and political strife in Hong Kong dogged sentiment, while safe-haven bonds eked out a bounce. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up a slight 0.04%, following a sharp 1.2% pullback on Monday. Japan's Nikkei .N225 dithered either side of flat, while Shanghai blue chips .CSI300 eased 0.1%. E-Mini futures for the S&P 500 ESc1 also dipped 0.1%, as did EUROSTOXX 50 futures STXEc1. Caution ruled ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day in case there was any new word on the Sino-U.S. Phase one trade deal. Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China. On a more positive note, Politico reported Trump would announce this week that he is delaying a decision on whether to slap tariffs on imported European Union autos for another six months.
On a day when Adviser to the Prime Minister on Finance Dr Hafeez Shaikh rejected consumers’ concerns regarding ongoing food inflation as ‘lies’, greengrocers cited tomato prices in the metropolis hovering between Rs250-300 per kg on Monday. The president of the Falahi Anjuman Wholesale Vegetable Market New Sabzi Mandi, Haji Shahjehan, expressed shock over the adviser’s claim and said that tomatoes in Karachi were being sold for Rs250-300 per kg depending on the quality and the area after hitting the record peak of Rs320 per kg from Rs160 in a single day on Saturday. Earlier, Mr Shaikh had told a group of reporters that tomatoes were being sold as low as Rs17 per kg in Karachi’s vegetable markets.
Today with consistent hard work and determination from my team, we employ over 280 people and have over 30 purchase centers across Pakistan with many new services and products under our belt. Our top line has grown to several times the monthly volume we had in the beginning of this year, but the more interesting thing is that we are growing into new value chains and expanding our presence throughout the entire auto-sector ecosystem. In accordance with our commitment to growth, we are excited to announce that are expansion plans for Faisalabad are underway and we are soon to launch our operations in this city. We hope to open our purchase centers and warehouses in every city, making our services available to all of Pakistan.
The federal government on Monday announced incentive packages worth of Rs360 billion for increasing the country exports and for Naya Pakistan Housing Program. Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Sheikh said that government has decided to allocate additional Rs30 billion as subsidy for Naya Pakistan Housing Program. This subsidy amount would help in new houses. Meanwhile, the government would give tax incentives to the businesses, which would involve in housing program, Shaikh said in a press conference along with Minister for Economic Affairs Hammad Azhar, Chairman FBR Shabbar Zaidi and Special Assistant to Prime Minister on Information Dr Firdous Ashiq Awan.
The construction of K-Electric’s 900MW RLNG-based Bin Qasim Power Station (BQPS)-III will commence in December. The project has received all required approvals and is part of KE’s planned initiatives resulting in investments of around $3 billion across the power value chain over the next few years, said a press statement issued here Monday.The cost of 900MW RLNG-based Bin Qasim Power Station (BQPS)-III is project is $650 million. The project was conceived in 2016 and after the completion of feasibility studies it was approved and publicly announced in 2017. Although the project timeline has been affected due to delay in finalization of KE’s multi-year tariff, the power utility is determined to execute it on a fast track, and according to the project contracts signed last month, the plant is expected to start producing electricity by summer of 2021.
Market is expected to remain volatile during current trading session.
Technical Analysis
The Benchmark KSE100 index is being capped by a horizontal resistant region along with an ascending trend line at 36,000 and 36,200 points and it's expected that current bullish sentiment would start expiring around 36,200-36,700 points. It's recommended to post trailing stop loss on existing long positions and start selling on strength with strict stop loss of 36,700 points. Because if index would not succeed in breakout of 36,200 points then it would roll back to retest its supportive region at 34,500 points. On short term basis index would remain range bound between 34,500 to 36,700 points.
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