PSX Daily Market Review - 14th March 2019

Trading volume at PSX floor increased by 3.81 million shares or 4.24% on DoD basis, whereas the benchmark KSE100 index opened at 38,874.25, posted a day high of 39,060.58 and a day low of 38,828.52 points during last trading session while session suspended at 38,928.93 with net change of 32.44 points and net trading volume of 67.53 million shares. Daily trading volume of KSE100 listed companies increased by 13.37 million shares or 24.69% on DoD basis.
Foreign Investors remained in net selling positions of 1.33 million shares and net value of Foreign Inflow dropped by 1.73 million US Dollars. Categorically, Foreign Individuals and Corporate remained in net selling positions of 0.01 and 3.49 million shares and Overseas Pakistani Investors remained in net buying positions of 2.17 million shares respectively. While on the other side Local Individuals and Brokers remained in ne buying positions of 4.75 and 8.27 million shares respectively but Local Companies, Banks, Mutual Fund and Insurance Companies remained in net selling positions of 3.56, 1.19, 2..23 and 4.61 million shares.

Asia shares flat after mixed China data, pound near 9-month peak
Asian shares barely budged on Thursday as investors reacted cautiously to mixed data from China, while the pound hovered near nine-month highs as the risk of a no-deal Brexit receded following a late-night vote. MSCI’s broadest index of Asia-Pacific shares outside Japan held at 522.06 points. Japan’s Nikkei rose 0.5 percent while Australian and New Zealand shares each added 0.2 percent. Chinese shares were in the red after data showed the country’s industrial output expanded at the slowest pace in 17 years, although retail sales and fixed asset investment grew by more than expected.
LCCI co-op sought against tax audit raids
Business community has sought help of Lahore Chamber of Commerce and Industry (LCCI) against raids on business premises on the name of tax audit. A delegation of Quaid-e-Azam Industrial Estate on Wednesday informed LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal that officials of Federal Board of Revenue were conducting raids at various business houses without prior notices and spreading harassment.
Cabinet body decides to set up CPEC Business Forum
Federal Minister for Planning, Development and Reform, Makhdum Khusro Bakhtyar said the Cabinet Committee on China-Pakistan Economic Corridor (CPEC) has decided to establish CPEC Business Forum to tap true potential of this important corridor. Talking to media after the committee meeting, the minister said that the formation of the forum was being deliberated since long and now its establishment has formally been decided. Going back on its earlier decision of constructing Karachi to Peshawar Railway (ML-I) on build-operate-transfer (BOT) mode the government has announced to undertake $8.2 billion project on previously agreed loan basis (EPC mode).
Senate body to review CPEC projects tomorrow
TA Senate special committee on China-Pakistan Economic Corridor (CPEC) will meet here on Friday (tomorrow) to review a number of projects. The committee will also get a briefing on investments being made by Saudi Arabia and the United Arab Emirates (UAE) in Gwadar. According to the agenda of the meeting, the special committee, headed by Senator Sherry Rehman of the Pakistan Peoples Party (PPP), will also receive a briefing on “laying of fibre-optic cable along the CPEC routes”. The committee members will receive a briefing from the officials concerned on the “latest position of investment by Saudi Arabia and the United Arab Emirates in Gwadar’s Oil City,” according to the agenda.
Momentum building behind CPEC again
The government has decided to revert to the original plan of undertaking $8.2 billion Karachi to Peshawar Main Railway Line (ML-1) on engineering, procurement and construction (EPC) mode under previously agreed loan as part of the China-Pakistan Economic Corridor (CPEC). Speaking to media persons after a meeting of the Cabinet Committee on CPEC, Minister for Planning and Development Makhdum Khusro Bakhtyar said the committee decided to undertake the ML-I project on the previously agreed terms of agreement, instead of Build, Own and Transfer (BOT) basis it considered earlier.

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.