PSX Daily Market Review - 13th March 2019

Trading volume at PSX floor increased by 21.99 million shares or 32.46% on DoD basis, whereas the benchmark KSE100 index opened at 38,937.01, posted a day high of 39,030.25 and a day low of 38,648.12 points during last trading session while session suspended at 38,896.49 with net change of -27.62 points and net trading volume of 54.16 million shares. Daily trading volume of KSE100 listed companies increased by 3.82 million shares or 7.58% on DoD basis.
Foreign Investors remained in net buying positions of 4.40 million shares but net value of Foreign Inflow dropped by 0.38 million US Dollars. Categorically, Foreign Corporate remained in net selling positions of 0.66 million shares and Overseas Pakistani Investors remained in net buying positions of 5.06 million shares respectively. While on the other side Local Individuals, Banks, Mutual Fund and Brokers remained in ne buying positions of 4.37, 0.06, 0.88 and 1.09 million shares respectively but Local Companies and Insurance Companies remained in net selling positions of 5.71 and 4.54 million shares.

Asian shares drift lower, sterling awaits its fate
Asian share markets were mostly in the red on Wednesday as a risk-off mood gripped investors, while a frazzled pound awaited its fate ahead of yet another make-or-break parliamentary vote on Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.4 percent in slow trade and almost every major index in the region nursed losses. Japan's Nikkei .N225 led the way with a fall of 1.3 percent as data showed machinery orders fell in January at the fastest pace in four months. Shanghai blue chips .CSI300 slipped 0.4 percent following two days of gains. E-Mini futures for the S&P 500 ESc1 were off 0.25 percent. Risk appetites had soured after British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal, forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay.
Country receives $1 billion from UAE
Pakistan on Tuesday received one billion dollars from United Arab Emirates (UAE) that would increase the country’s reserves held by the central bank to above $9 billion. Spokesperson to ministry of finance Dr Khaqan Hassan Najeeb has said that government of Pakistan’s multipronged strategy and credible measures for financing arrangements are yielding results. He further said that $1 billion deposit received from UAE would help in further balance of payment stability and ensure smooth international foreign payment obligations. Meanwhile it would shore up foreign exchange reserves, he said on his social media account.
ECC approves Rs2b Ramazan package
The Economic Coordination Committee (ECC) of the cabinet has approved Ramazan package worth Rs2 billion to provide basic commodities at subsidised rates to the masses at Utility Stores Corporation (USC)’s outlets during the holy month. The ECC meeting, which was chaired by Finance Minister Asad Umar, approved Ramazan package under which 19 basic commodities would be provided at cheaper rates at Utility Stores Corporation (USC)’s outlets. The government would give subsidy of Rs2 billion under Ramazan package so as to provide relief to the low income groups in the holy month of Ramazan by providing them essential items at a lower price.
Govt entities get Rs10bn supplementary grant
The government approved on Tuesday a supplementary grant of about Rs10 billion for its entities, besides a Rs2bn Ramazan relief package to provide essential kitchen items at cheaper rates during the holy month. A meeting of the Economic Coordination Committee (ECC) of the cabinet presided over by Finance Minister Asad Umar also approved a grant to clear outstanding liabilities of the legal heirs of deceased employees of the Pakistan Steel Mills (PSM).
Bahria raises offer to Rs485bn for settlement of cases
Just a day before a formal hearing, Bahria Town (Pvt) Ltd furnished before the Supreme Court a final proposal by raising its offer to a total of Rs485 billion as full and final settlement for all the three cases pertaining to its projects in Malir, Rawalpindi and Murree. Of the Rs485 billion, Rs440bn will go to the 16,896-acre Malir project or Karachi Superhighway Project Land, whereas Rs22bn will be earmarked for 5,472 kanals at Takht Pari Rakh (Rawalpindi) and Rs23bn for the 4,542 kanals of Sulkhtar and Manga land (Murree). At the previous hearing on March 6, a three-judge Supreme Court bench headed by Justice Sheikh Azmat Saeed had asked Barrister Syed Ali Zafar, representing the Bahria Town, to consider increasing their offer further when the developer had proposed Rs450 billion for all the three projects.

The Benchmark KSE100 Index had tried to bounce back after penetration below its initial supportive region of 38,770 points during last trading session. As of now it’s expected that index would try to continue its bullish trend during current trading session and it would try to target 39,150 and 39,350 points initially on way towards 39,500 points. Closing above 39,350 points would generate bullish crossovers on daily momentum indicators and these would try to push index further upward. On flip side index would try to find supports at 38,700 and 38,500 points. It’s expected that index would entertain it’s bullish morning star which have occurred on hourly chart during last trading session and a positive rally would be witnessed in first half.