PSX Daily Market Review - 16th Aug 2018

Trading volume at PSX floor dropped by 17.97 million shares or 11.01% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 42,764.95, posted a day high of 42,840.20 and a day low of 42,368.48 during last trading session. The session suspended at 42,446.56 with net change of -191.03 and net trading volume of 74.88 million shares. Daily trading volume of KSE100 listed companies dropped by 12.41 million shares or 14.22% on DoD basis.
Foreign Investors remained in net selling position of 4.43 million shares and net value of Foreign Inflow dropped by 1.87 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net buying positions of 0.03 and 1.35 million shares but Foreign Corporate investors remained in net selling positions of 5.81 million shares. While on the other side Local Individuals, Banks and Insurance Companies remained in net buying positions of 6.36, 0.71 and 2.17 million shares but Local Companies, NBFCs, Mutual Fund and Brokers remained in net selling positions of 0.83, 2.29, 1.24 and 1.15 million shares respectively.

Asian shares hit one-year low on Turkey, China worries
Asian shares hit fresh one-year lows in early trading on Thursday, while oil and precious metal prices also tumbled as Turkey’s currency crisis and fears of an economic slowdown in China fanned worries about global growth. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.0 percent, while Japan's Nikkei .N225 and the Australian benchmark dropped 1.2 percent and 0.4 percent, respectively. Chinese stocks continued to sag, with the Shanghai Composite Index .SSEC and Hong Kong's Hang Seng index .HSI shedding 1.1 percent and 0.9 percent, respectively. Tech shares came under pressure after China’s Tencent Holdings Ltd (0700.HK) reported its first quarterly profit fall in nearly 13 years on weak gaming revenue. The knock to the rest of the sector sent South Korea’s Samsung Electronics (005930.KS) to a one-year low. Wall Street's major indexes closed lower on Wednesday, with the S&P 500 .SPX down 0.8 percent, its biggest percentage drop since late June, amid disappointing earnings and escalating global trade worries.
Gwadar Model Customs Collectorate gets Rs30m
The government has released Rs30 million for the construction of Model Customs Collectorate (MCC) at Gwadar under the Public Development Programme (PSDP) for the fiscal year 2018-19 out of its total allocations of Rs150 million earmarked for the current fiscal year. In total, the government would be spending Rs1500 million for the construction of MCC, out of which Rs150 are scheduled to be released during the current year, according to the latest data of Ministry of Planning, Development and Reform. During the fiscal year 2017-18, the government released only Rs44 million for the project, out of its total allocations of Rs110 million earmarked in the developmental programme of last year. Meanwhile, the government released Rs58 million for the development of Integrated Transit Trade Management System (ITTMS) under ADB Regional Improving Border Services Project for which an amount of Rs840 million have been allocated in the federal PSDP 2018-19.
PCJCCI, Sichuan chamber to expand relations
Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) has embraced a long-term collaboration with Sichuan International Chamber of Commerce, Halal Food Commission to establish Pakistan-Chengdu Economic Trade Centre for creating joint business activities between China and Pakistan, especially for establishment of Special Economic Zones in Pakistan under CPEC. In this connection, an MoU has been signed as final phase of the efforts taken by PCJCCI trade delegation in a current visit of China under leadership of SM Naveed, President PCJCCI, who signed the MoU on behalf of his Chamber. From Sichuan International Chamber, Ma Zhijun, President of the Sichuan International Chamber of Commerce, Halal Food Commission signed the MoU.
Mango export to China likely to exceed target
The export of Pakistan's mango is expected to exceed 10,000 tons this year, Chinese media quoting Zhao Lijian, Minister Counselor of the Chinese Embassy in Pakistan reported on Wednesday. The senior Chinese diplomat said on social media Twitter (Twitter) that Pakistani mango has been deeply loved by Chinese consumers. It is reported that Pakistan is the fifth largest mango producing country in the world, with an average annual output of 1.8 million tons. The varieties mainly include Chaunsa and Sindhri. Among them, Chaunsa mango is a fine variety of late-maturing varieties. The fruit is medium to large and has a unique aroma. The people are very incomparable; Sindhri mango is distinguished by its colour and shape. After ripening, the fruit becomes bright yellow, and the taste is not inferior, according to Ifeng.com, a Chinese Edition.
Wapda to increase Hub Dam storage capacity
The Pakistan Water and Power Development Authority (Wapda) has decided to enhance the storage capacity of Hub Dam in order to meet the increasing requirement of water in the country, Sindh and Balochistan in particular. The decision to this effect was taken in a meeting presided over by Wapda Chairman Muzammil Hussain and attended by the Members of the authority. According to the details, Wapda will regain Hub Dam's lost storage capacity of about 49,000 acre feet by removing the sediment deposits in the reservoir. The present live storage capacity of the reservoir will be increased by excavating the deposited material lying between the Dead Storage Level (276 feet) and Normal Conservation Level (339 feet) along the reservoir periphery.

The Benchmark KSE100 Index have penetrated its supportive region of 42,460 points during last trading session and closed slightly below that region after posting day low of 42,368.48 points. As of now it’s expected that index would open with a negative gap below a rising trend line and would continue its bearish ride towards 42,089 and 41,800 points. Its recommended to initiate selling on strength with strict stop loss. For current trading session index have resistant regions around 42,640 and 42,960 points.