PSX Daily Market Review - 13th Nov 2018

Trading volume at PSX floor dropped by 41.58 million shares or 18.94% on DoD basis, whereas the Benchmark KSE100 index opened at 41,414.31, posted a day high of 41,574.17 and day low of 41,052.97 points during last trading session while session suspended at 41,096.33 with net change of -292.55 points and net trading volume of 96.97 million shares. Daily trading volume of KSE100 listed companies dropped by 43.00 million shares or 30.72% on DoD basis.
Foreign Investors remained in net buying position of 0.58 million shares but net value of Foreign Inflow dropped by 1.73 million US Dollars. Categorically, Foreign Individuals, Corporate and Overseas Pakistani investors remained in net buying positions of 0.01, 0.17 and 0.40 million shares respectively. While on the other side Local Companies, Banks, NBFCs, Mutual Fund and Brokers remained in net buying positions of 5.33, 0.53, 0.06, 8.91 and 1.35 million shares respectively but Local Individuals and Insurance Companies remained in net selling positions of 4.67 and 12.03 million shares respectively.

Asian shares sell-off on Wall Street tech rout, oil slides
Asian shares skidded on Tuesday after a rout in tech stocks put Wall Street to the sword, while a sharp drop in oil prices and political risks in Europe pushed the dollar to 16-month highs as investors dumped riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped 1.7 percent to a 1-1/2 week trough, with Australian shares sinking 1.6 percent. Japan's Nikkei .N225 dived 3.1 percent led by losses in electric machinery makers and suppliers of Apple's (AAPL.O) iphone parts. Overnight in Wall Street, major U.S. stock indexes skidded more than 1 percent, with the tech-heavy Nasdaq slumping over 2 percent. Indexes were weighed down by losses in heavyweight Apple after three iPhone parts suppliers issued warning on results.
Sastaticket.pk gets $1.5m funding
Sastaticket.pk, an online travel agency (OTA) based in Karachi, announced Monday at the 021 Disrupt Conference that it has secured $1.5 million for its Series A, led by regional venture capital firm Gobi Partners. The investment marks Gobi’s first venture into the Pakistani market and adds another pioneering company to its growing TaqwaTech portfolio. Founded in September 2016 by brothers Shazil and Bilal Mehkri, Sastaticket.pk offers domestic travellers a way to book and pay for flights and hotels instantly online.
CPPA seeks over 64 paisas per unit power tariff raise
Central Power Purchasing Agency proposed an increase of Rs0.6429 per unit under fuel price adjustment for the month of October for Ex-Wapda DISCOs. According to the petition submitted by CPPA with National Electric Power Regulatory Authority (NEPRA), total energy generated in October 2018 stood at 9573.87 GWhs at a total price of Rs52.127 billion or Rs5.4448 per unit.
Textile mills owners assured of ECC decision implementation
The Prime Minister’s Advisor for Commerce, Textile, Industries and Production Abdul Razak Dawood assured textile mills’ owners of implementing the Economic Coordination Council’s decision on uniform energy rates for five zero-rated industries including textile in letter and spirit. Group Leader All Pakistan Textile Mills Association Gohar Ejaz shared the aforementioned outcome of a meeting with Dawood with media on Monday in a press conference held at the central secretariat of the association in Islamabad.
KP govt to build 496MW Spat Gah hydropower in Kohistan
The Khyber Pakthunkhwa government will build a mega ‘Spat Gah’ hydropower project with capacity of 496 megawatts in district Kohistan to provide inexpensive electricity to industrial, domestic and agriculture consumers. “The KP energy department has completed feasibility study of the proposed project that after completion would generate 496 MW affordable energy,” officials in KP Energy Department told APP on Monday. The provincial government had already signed a memorandum of understanding (MoU) with Korean Hydro Nuclear Power (KHNP) Company here at Peshawar in this regard. The project would be constructed under public private partnership mode. It merits to mention here that the project is located near Dasu in Kohistan district. The memorandum of understanding (MoU) for initiating the project was signed by Secretary Energy and Power Muhammad Salim Khan and Chief Executive of the Korean company KHNP on November 6 last. The project will be completed in 5 to 6 years.

The Benchmark KSE100 Index have penetrated below its initial supportive region of 41,300 points during last trading session but it still have two major supports ahead at 41,000 and 40760 points. Daily and hourly momentum indicators are in bearish mode and these would try to push index towards its supportive regions. As of now it’s recommended to initiate selling on strength with strict stop loss of 41,700 points and index would find major support at 40,000 points in case of penetration below 40,760 points.