PSX Daily Market Review - 12th Oct 2018

Trading volume at PSX floor dropped by 64.72 million shares or 32.47% on DoD basis, whereas the Benchmark KSE100 index opened at 38,743.35, posted a day high of 38,743.35 and day low of 38,267.66 points while the session suspended at 38,398.30 with net change of 393.79 points and net trading volume of 84.71 million shares. Daily trading volume of KSE100 listed companies dropped by 27.86 million shares or 24.75% on DoD basis.
Foreign Investors remained in net selling position of 19.64 million shares and net value of Foreign Inflow dropped by 9.60 million US Dollars. Categorically, Foreign Individuals remained in net buying positions of 0.13 million shares but Foreign Corporate and Overseas Pakistanis investors remained in net selling positions of 18.63 and 1.15 million shares. While on the other side Local Companies, Banks, Mutual Fund and Insurance Companies remained in net buying positions of 11.63, 2.27, 2.12 and 9.15 million shares but Local Individuals, NBFCs and Brokers remained in net selling positions of 5.13, 0.03 and 0.19 million shares respectively.

Asian shares on edge after nine-day rout, mood shaky as volatility spikes
Asian shares appeared tentative on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-U.S. trade war, a spike in U.S. bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2 percent after the opening of the South Korea and Australian markets, a day after it fell 3.6 percent to hit 1-and-a-1/2 year low. Japan's Nikkei .N225 fell 0.6 percent.
PRGMEA team attends 34th IAF World Fashion Convention
With a view to open new avenues for the garment industry to collaborate with international buyers and leading brands, a high-powered delegation of Pakistan Readymade Garments Manufactures and Exporters Association has attended 34th IAF World Fashion Convention, held on Oct 9-10 in Maastricht, Netherlands, where they held series of successful meetings with Centre for the promotion of imports from developing countries (CBI).
Remittances increase 13pc to $5.4b in Q1
Foreign remittances sent by overseas Pakistanis have increased 13 percent to 5.4 billion US dollars in the first quarter of the 2018-2019 fiscal year (July 1-June 30) from the previous year, according to figures released by the State Bank of Pakistan (SBP) on Thursday. The SBP reported that overseas Pakistani workers remitted 5.419 billion dollars during the period from July 2017 to September 2018, up 629 million dollars.
Minister for bridging industrial divide between Pakistan, China
Federal Minister for Planning, Development & Reforms Makhdoom Khusro Bakhtiar Thursday stressed upon the industrialists to bridge the industrial divide between Pakistan and China by initiating joint ventures in various sectors including manufacturing, services, construction, agriculture and energy. China Pakistan Economic Corridor is graduating from start-up phase to a more mature period in its development, Makhdoom Khusro Bakhtiar said while addressing the ‘CEO Summit Islamabad’ and book launch of ‘100 performing CEOs and Companies of Pakistan 2018’, organised by CEO Club Pakistan in collaboration with Planning Commission, Board of Investment and Privatization Commission here.
Asad Umar meets PPAF’s Provincial Advisory Committee– Sindh commences work
The Provincial Advisory Committee of the Pakistan Poverty Alleviation Fund (PPAF) for the Sindh province, (PAC – Sindh), held its first meeting the other day in Karachi, introducing committee members from the provincial government, PPAF Board and experts from relevant sectors and academia. The first meeting laid the scope of engagement for the PAC – Sindh in relation to development needs of the province and PPAF’s priority thematic and geographic areas. This includes a focus on health and nutrition; water; education; and livelihoods and financial inclusion.

ATRL, PSO, DGKC, MLCF and SSGC would try to lead bullish momentum during current trading session.

The Benchmark KSE100 Index have bounced back after getting support from a strong horizontal supportive region continuously for third trading session but could not succeeded in penetration of its major resistant region of 39,086 points in upward direction during last trading session. As of now daily momentum indicators have generated bullish crossovers and it’s an indication that index would try to take a spike towards its resistant regions of 39,086 and 39,600 points, but for a sharp spike towards 39,600 index need to close above 39,086 points on daily chart otherwise intraday pressure and volatility could be witnessed. It’s recommended to stay cautious during current trading session and initiate trades with strict stop loss.
As now ATRL would try to take a spike towards 132 Rs, while PSO and DGKC would continue their bullish rallies towards 244 and 93 Rs. MLCF would try to join this bullish sentiment to achieve 41.80 if it would succeed in penetrating above 39.70.