Previous Session Recap
Trading volume at PSX floor dropped by 31.70 million shares or 32.17% on DOD basis whereas the Benchmark KSE100 index opened at 38,543.00, posted a day high of 38,585.66 and day low of 38.203.63 during last trading session while session suspended at 38,309.17 points with net change of -276.49 points and net trading volume of 46.13 million shares. Daily trading volume of KSE100 listed companies dropped by 19.77 million shares or 30.00% on DOD basis.
Foreign Investors remained in net selling positions of 2.87 million shares and net value of Foreign Inflow dropped by 0.91 million US Dollars. Categorically, Foreign Corporate and Overseas Pakistanis remained in net selling positions of 2.71 and 0.16 million shares but Foreign Individuals investors remained in net buying positions of 0.05 million shares. While on the other side Local Individuals, Banks, NBFCs and Insurance Companies remained in net selling positions of 4.99, 1.23, 0.05 and 2.74 million shares respectively but Local Companies, Mutual Fund and Brokers remained in net buying positions of 4.38, 3.00 and 3.25 million shares.
Analytical Review
Asia stocks slide as global growth worries deepen
Asian share markets slumped on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.3 percent in mid-morning trade while Japan’s Nikkei tumbled 1.2 percent by the midday break. Chinese shares opened in negative territory with the blue-chip index down 0.3 percent and Hong Kong’s Hang Seng index flat, while Australian shares fell 0.8 percent.
CCPIT, ICCI ink MoU to promote Pak-China trade
China Council for Promotion of International Trade (CCPIT) and Islamabad Chamber of Commerce and Industry (ICCI) have signed a memorandum of understanding (MoU) to promote bilateral trade and investment between Pakistan and China. Zhao Kai, President CCPIT, Shenyang Sub-Council along with a delegation of Chinese entrepreneurs visited ICCI on Monday. Ahmed Hassan Moughal, president ICCI, and Zhao Kai signed the MoU.
SSGC conducts raid on denim factory; two bail pleas rejected
Sui Southern Gas Company (SSGC) tightened its noose around gas thieves by conducting a number of raids during the last few days in its franchise areas of Sindh and Balochistan. As per the directives of the higher management, a joint inspection-cum-raid was carried out on a factory called Denim International located in Port Qasim, Karachi by the representatives of SSGC’s Measurement, Sales and SS&CGTO departments along with Sui Southern Gas Company Police and FIR Cell teams. The team observed that the factory owner of the factory was involved in unauthorized extension of gas load for both power and process connections.
LCCI for easy property registration mechanism
The Lahore Chamber of Commerce & Industry has urged the government to make registration of property easy for the businessmen through modern technologies and one-window operation. In a statement on Monday, LCCI President Almas Hyder said that registration of property is a big headache for the businessmen as it consumes long time and capital therefore it should be made business-friendly.
Export of goods to China rises 17.75pc
The country’s export of goods to China during first quarter of fiscal year 2018-19 increased by 17.75 percent to $430.3 million against the export of goods worth $353.892 million in same period of the preceding year. The import of goods from China also witnessed an increase of 10.3 percent as it rose to $10.384 billion in first quarter of current fiscal year from $9.314 billion in July-September (2017-18), said latest data released by State Bank of Pakistan (SBP).
Asian share markets slumped on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.3 percent in mid-morning trade while Japan’s Nikkei tumbled 1.2 percent by the midday break. Chinese shares opened in negative territory with the blue-chip index down 0.3 percent and Hong Kong’s Hang Seng index flat, while Australian shares fell 0.8 percent.
China Council for Promotion of International Trade (CCPIT) and Islamabad Chamber of Commerce and Industry (ICCI) have signed a memorandum of understanding (MoU) to promote bilateral trade and investment between Pakistan and China. Zhao Kai, President CCPIT, Shenyang Sub-Council along with a delegation of Chinese entrepreneurs visited ICCI on Monday. Ahmed Hassan Moughal, president ICCI, and Zhao Kai signed the MoU.
Sui Southern Gas Company (SSGC) tightened its noose around gas thieves by conducting a number of raids during the last few days in its franchise areas of Sindh and Balochistan. As per the directives of the higher management, a joint inspection-cum-raid was carried out on a factory called Denim International located in Port Qasim, Karachi by the representatives of SSGC’s Measurement, Sales and SS&CGTO departments along with Sui Southern Gas Company Police and FIR Cell teams. The team observed that the factory owner of the factory was involved in unauthorized extension of gas load for both power and process connections.
The Lahore Chamber of Commerce & Industry has urged the government to make registration of property easy for the businessmen through modern technologies and one-window operation. In a statement on Monday, LCCI President Almas Hyder said that registration of property is a big headache for the businessmen as it consumes long time and capital therefore it should be made business-friendly.
The country’s export of goods to China during first quarter of fiscal year 2018-19 increased by 17.75 percent to $430.3 million against the export of goods worth $353.892 million in same period of the preceding year. The import of goods from China also witnessed an increase of 10.3 percent as it rose to $10.384 billion in first quarter of current fiscal year from $9.314 billion in July-September (2017-18), said latest data released by State Bank of Pakistan (SBP).
Market is expected to remain volatile during current trading session therefore it's recommended to stay cautious while trading
Technical Analysis
The Benchmark KSE100 Index is being capped by a descending trend line on daily chart therefore it needs to open with a positive gap above 38,600 points to maintain its bullish momentum on intraday basis. It’ expected that index would try to target 38,815 points on intraday basis and if it would succeed in penetration above that region then it would face a major resistance at 39,055 points, It’s recommended to start profit taking before these both regions respectively from intraday trades. As market seems bullish therefore it’s not recommended to initiate short positions at this level and instead of that its recommended to start buying on dip with profit targets at nearest resistant regions.
To Open picture in original resolution right click image and then click open image in a new tab
0 Comments
No comments yet. Be the first to comment!
Please log in to leave a comment.