PSX Daily Market Review - 18th Oct 2019

Trading volume at PSX floor dropped by 13.37 million shares or 8.83% on DoD basis, whereas the benchmark KSE100 index opened at 34,281.09, posted a day high of 34,361.45.06 and a day low of 33,836.97 points during last trading session while session suspended at 33,898.56 points with net change of -382.3 points and net trading volume of 107.71 million shares. Daily trading volume of KSE100 listed companies increased by 13.39 million shares or 14.2% on DoD basis.
Foreign Investors remained in net long positions of 3.61 million shares and net value of Foreign Inflow increased by 0.33 million US Dollars. Categorically, Foreign Individual, Corporate and Overseas Pakistani investors remained in net long positions of 0.03, 1.63 and 1.95 million shares respectively. While on the other side Local Individuals and Banks remained in net long positions of 11.45 and 1.4 million shares but Local Companies, Mutual Funds, Brokers and Insurance Companies remained in net selling positions of 5.07, 9.92, 0.37 and 1.44 million shares respectively.

Asian stocks track Brexit deal cheer but China caution prevails
Asian stocks edged higher on Friday, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up about 0.1% in early trade, echoing Wall Street's small gains. Australian shares were off 0.6%, while Japan's Nikkei .N225 added 0.5%. Equity markets had enjoyed a bounce from the initial Brexit news, with the S&P 500 .SPX briefly topping 3,000 points for the first time in more than three weeks.
Foreign private investment jumps 51pc
Foreign private investment increased by 51 per cent to $564.8 million in the first quarter of this fiscal year, up from $374m in same period of 2018. Meanwhile, foreign direct investment (FDI) edged lower by 3.1pc to $542.1m during July-Sept, as compared to $559.4m in same quarter last year. However, FDI in September clocked in at $385.3m, surging by 111.6pc over $182.1m in corresponding month last year.
IMF satisfied with 35 percent reduction in trade deficit
The International Monetary Fund (IMF) has expressed satisfaction over the reduction in trade deficit of Pakistan by around 35 percent in first quarter (July to September) of the current fiscal year.The visiting team of the IMF met Prime Minister’s Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood on Thursday. Commerce Secretary Sardar Ahmed Nawaz Sukhera and other senior officials were also present in the meeting. An official of the commerce ministry informed that Pakistani officials briefed the Fund on the measures taken to control the soaring trade deficit of the country.
MCB profit surges by 18pc to Rs27.51b
The Board of Directors of MCB Bank Limited met under the chairmanship of Mian Mohammad Mansha on Thursday to review the performance of the Bank and approve the condensed interim financial statements for the nine months ended September 30, 2019. The Board of Directors has declared 3rd interim cash dividend of Rs. 4.0 per share i.e. 40% bringing the total cash dividend for the year ending 2019 to 120%, continuing with its highest in the industry dividend payout trend.
Provinces’ poor response spoils drive against benami properties
The Pakistan Tehreek-i-Insaf government’s much trumpeted drive against benami asset holders has received a setback in the first three months of the current year due to lacklustre response from the provinces, Dawn has learnt from reliable sources. The deadline for getting the information from the provinces was set at Sept 30, which was largely missed by all the four provinces. Prime Minister Imran Khan has directed the provincial governments in a letter sent on Aug 28 to provide the data.