PSX Daily Market Review - 20th April 2018

Trading volume at PSX floor increased by 27.32 million shares or 17.51% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 45,460.80, posted a day high of 45,487.98 and a day low of 45,122.75 during last trading session. The session suspended at 45,387.77 with net change of -90.86 and net trading volume of 111.17 million shares. Daily trading volume of KSE100 listed companies increased by 25.94 million shares or 30.44% on DoD basis.
Foreign Investors remained in net selling position of 2.58 million shares and net value of Foreign Inflow dropped by 0.31 million US Dollars. Categorically, Foreign Corporate and Overseas Pakistanis Investors remained in net selling position of 0.6 and 1.99 million shares. While on the other side Local Companies, Banks, NBFCs and Mutual Funds remained in net buying positions of 7.80, 1.05, 0.46 and 2.40 million shares but Local Individuals, Brokers and Insurance Companies remained in net selling positions of 4.96, 1.77 and 2.28 million shares respectively.

Asia tech shares spooked by phone warning, oil near highs
Asian shares slipped on Friday as a warning on smartphone demand from the world’s largest contract chipmaker slugged the tech sector, while high oil prices stirred inflation fears and undermined sovereign bonds.Apple (AAPL.O) led the way after Taiwan Semiconductor Manufacturing (2330.TW) cut its revenue target to the low end of forecasts and blamed softer demand for smartphones. “The big story for the APAC region today will be fallout from TSMC’s miss, which will weigh heavily on the tech sector, with first order impacts on the Semis and Samsung Electronics/ Galaxy supply chain,” analysts at JPMorgan said in a note. “The miss appears largely to have been due to Apple iPhones, and so may also weigh on the Apple supply chain.” Taiwan's main index .TWII slid 1.4 percent with techs sinking 3.5 percent and TSMC off more than 5 percent.
PIA promoting junior officers on senior slots
Losses-stricken PIA's management is promoting junior and inexperienced officers on senior slots by ignoring senior and experienced ones due for unknown reasons. Though senior officers are feeling uneasy in the airline but they were keeping mum due to their professional compulsions. A senior officer of national carrier seeking anonymity said that top officers hired in recent past were not qualifying for the posts they were holding. They were drawing salaries from around Rs 2 million per head interestingly having no aviation experience while senior and experienced officers of the airline were drawing only Rs0.2 to 0.3 million per month salary.
CCP concludes open hearings on real estate sector
The Competition Commission of Pakistan (CCP) concluded the three open hearings on the real estate sector in Pakistan to give an opportunity to the stakeholders to voice their concerns on relevant issues. The CCP's bench, comprising the Chairperson Vadiyya Khalil, and Members Dr Shehzad Ansar and Dr Muhammad Saleem, conducted the open hearings in Karachi Thursday, and in Islamabad and Lahore on 11 and 17 of this month. The representatives of real estate associations, builders, developers, marketers, regulators, ministries and other relevant government offices, and consumers in a large number attended these hearings. In her opening remarks, Chairperson Khalil said that the real estate sector plays a crucial role in contributing to economic growth and in helping people achieve a lifelong aspiration of their own home.
NEC to approve Rs1,813b uplift outlay on 24th
The National Economic Council has been convened on April 24 to approve national developmental outlay of Rs 1813 billion for the coming fiscal. A meeting of the NEC will be held (tentatively) on Tuesday in the cabinet room of the PM Office and will discuss the current and upcoming fiscal Annual Plan, PSDP current and the upcoming and five year plan, said a notification issued by Cabinet Division here. The meeting will be chaired by the Prime Minister Shahid Khaqan Abbasi and will be attended by federal minister for finance, planning, chief ministers of four provinces, prime minister AJK and federal minister for SAFRON. According the agenda of the meeting available with the scribe the meeting will review Annual Plan 2017-18 and proposed Annual Plan 2018-19.
Sindh to allocate Rs70bn for agriculture sector
The Sindh government is expected to allocate Rs70 billion to the agriculture sector under the Annual Development Programme 2018-19, with increased investments in crops, livestock and fisheries. The proposed allocation will be in line with the new Sindh Agriculture Policy, 2018-2030 which has been approved by the provincial cabinet. The new policy emphasised the need to increase public investment in crops, livestock and fisheries. The actual spending on agriculture, including crops, livestock, fisheries, forestry and irrigation, has averaged Rs20 billion over the past five years to 2016-17 of which over 80 per cent was for irrigation. Allocation levels for agriculture in 2017-18 have been increased dramatically to Rs64bn, showing an increase of 80pc over the allocation of 2016-17.

The Benchmark KSE00 Index had bounced back after getting support from a horizontal supportive region during last trading session, penetration of its supportive trend line was also occurred but index closed above said trend line by creating a hammer on daily chart. For current trading session index have major supportive regions at 45,063 and 44,860 points. Daily and Weekly momentum indicators are in bearish direction and resistant objects are also moving downward therefore it’s expected that index would remain under pressure after an intraday spike before day end. Its recommended to sell on strength with strict stop loss because if index would continue its negative momentum today and succeeded in closing below 45,063 then a major shift in trend would be witnessed in next week and index would try to reach 44,200 points. For selling a strict stop loss at 46,066 is recommended.