PSX Daily Market Review - 13th March 2018

Trading volume at PSX floor dropped by 30.17 million shares or 21.57% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 43020.08, posted a day high of 4343479.50 and a day low of 43011.86 during last trading session. The session suspended at 43410.93 with net change of 399.66 and net trading volume of 31.21 million shares. Daily trading volume of KSE100 listed companies dropped by 22.68 million shares or 42.08% on DoD basis.
Foreign Investors remained in net buying position of 1.53 million shares and net value of Foreign Inflow increased by 1.72 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net buying selling positions of 0.04 and 0.09 million shares but Foreign Corporate Investors remained in net buying position of 1.67 million shares. While on the other side Local Individuals, Companies, Banks, Borkers and Insurnace Companies remained in net selling positions of 2.12, 0.86, 2.33, 0.88 and 2.32 million shares respectively but NBFCs and Mutal Funds remained in net buying positions of 0.14 and 5.06 million shares.

Asia stocks rally stalls as Wall Street loses steam, dollar sags
Asian stocks stalled on Tuesday, halting an earlier rally after Wall Street shares lost steam, while the dollar sagged on the back of declining U.S. yields. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched down 0.05 percent. The index had surged 1.5 percent on Monday following firm U.S. jobs numbers, while low wage growth eased concerns about inflation and faster central bank rate hikes. But a mixed performance by U.S. shares overnight cooled investor risk appetite in Asia. The S&P 500 .SPX and the Dow .DJI slipped on Monday as the U.S. tariffs signed into law last week weighed on industrials, while gains in tech stocks boosted the Nasdaq .IXIC. Australian shares lost 0.5 percent, South Korea's KOSPI .KS11 fell 0.2 percent and Japan's Nikkei .N225 shed 0.8 percent.
Dar's contribution to economy lauded
The convention of various major trade bodies on Monday paid tribute to former finance minister Ishaq Dar for his services to achieve high economic growth, requesting the honorable courts to decide his case on merit without any delay to end the uncertainty in the country. The traders convention was arranged by the All Pakistan Anjuman-e-Tajiran and was attended by representatives of all noted business groups of the country including APAT central president Ajmal Baloch, general secretary Naeem Mir, United Business Group chairman Iftikhar Malik, Punjab chairman Mian Adrees, Lahore Businessmen Front chairman Amjad Ch,0 APAT Bhatti group president Ashraf Bhatti, Progressive Group chairman Khalid Usman and a large number of business community from across the country. Through a resolution, all trade bodies unanimously declared Ishaq Dar as the best finance minister in the history of the country, presenting him the best finance minister trophy award, which was received by ex-FM's brother in law Rehan Bashir on his behalf.
FIA files case against Hussain Haqqani over 'embezzlement of funds, misuse of authority'
Federal Investigation Agency on Monday registered a case against former envoy to the United States Hussain Haqqani accusing him of committing "criminal breach of trust, misuse of authority and embezzlement of funds", DawnNewsTV reported. Haqqani is the principal accused in the Memogate scandal. According to the first information report, a copy of which is available with Dawn.com, the offences occured at the Pakistan Embassy in the US. The case was registered under Section 3,4, 409, 420, and 109 of Pakistan Penal Code following an inquiry conducted by the anti-corruption establishment.
AFD to assist govt in setting up solar tube wells
French Development Agency (AFD) has agreed to consider providing assistance for Balochistan's solar tube wells and establishment of Renewable Energy Institute in its development portfolio for the year 2018. "AFD will definitely study as to how it can provide assistance in the installation of solar tube wells in Balochistan to provide off grid solution besides reducing the components of circular debt" French Ambassador to Pakistan Marc Barety, said in a meeting with Federal Minister for Power Division Awais Ahmed Khan Leghari. The federal and Balochistan governments have already agreed to install 30,000 solar tube wells in the province by replacing the existing conventional tube wells. The estimated cost of one tube-well is around six to seven million rupees but it will help in saving billion of rupees subsidy in future, official said. The project will be funded by the federal government and the agriculture consumers using the solar tube wells will pay bills to Qesco.
EU slams trade 'bullies' as Trump tariffs row deepens
The EU on Monday said Europe would not waver against trade "bullies" as a row with US President Donald Trump over controversial steel and aluminium tariffs deepened. The jab from Brussels came after the US tycoon singled out Europe in the surging trade dispute, threatening to tax German cars if the European Union doesn't lower barriers to US products. European Trade Commissioner Cecilia Malmstroem said that in some places, trade has been blamed "for the pains of globalisation, or they used it as a scapegoat or they think we can live behind walls and borders". "Recently we have seen how it is used as a weapon to threaten and intimidate us. But we are not afraid, we will stand up to the bullies ," she told a trade conference in Brussels. Trump in a tweet provoked the Europeans still further on Monday saying his Commerce Secretary Wilbur Ross would speak with the EU side "about eliminating the large tariffs and barriers they use against the U.S.A."
PSO, FFC, ENGRO and ATRL wouly try to lead index in positive direction but NML, TRG, ISL and SSGC May lead the index in negative direction.

The Benchmark KSE100 Index have formatted a morning star on daily chart and daily stochastic and MAORSI are ready for bullish crossovers and these both are indications of a bullish run. During last trading session index have completed its 50% correction of last bearish rally and right now its capped by a horizontal resistance above its 61.8% correction. 61.8% correction would be fulfilled at 43589 while a horizontal resistance is standing at 43640 points which would try to cap current bullish rally and second resistant region which have become very strong resistance is standing at 43960 points. Index is trading in a range of just 1000 points and this range bound situation peaks at 43960 and botttoms out at 42800 points since 2nd Feb 2018, as of right now a breakout of this range is required for a smother market move. For current trading session its expected that index would try to take a spike towards 43640 and 43960 points where it would face strong resistances while supportive regions are standing at 43100 and 42900. Its recommended to stay cautious while trading today as market is expected to remain volatile.