Previous Session Recap
Trading volume at PSX floor increased by 94.06 million shares or 68.1%, DoD basis, whereas, the benchmark KSE100 Index opened at 40826.57, posted a day high of 41614.28 and a day low of 40821.33 during the last trading session. The session suspended at 41558.07 with a net change of 824.62 and net trading volume of 113.03 million shares. Daily trading volume of KSE100 listed companies increased by 63.77 million shares or 129.45%,DoD basis.
Foreign Investors remained in a net selling position of 4.68 million shares and net value of Foreign Inflow dropped by 4.35 million US Dollars. Categorically, Foreign Individual, Corporate and Overseas Pakistanis remained in net selling positions of 0.06, 3.81 and 0.82 million shares respectively. While on the other side Local Individuals, Companies, NBFCs, Brokers and Insurance Companies remained in net buying positions of 6.39, 5.39, 0.38, 5.97 and 4.35 million shares respectively but Banks and Mutual Funds remained in net selling positons 0.92 and 20.92 million shares.
Analytical Review
Pak¬istan notes “positive developments” in its often troubled relationship with the United States as its eyes the next week’s visit of US Secretary of State Rex Tillerson to the country with a hope for improvement in understanding between the two countries.A day before he is scheduled to embark on an extended (Oct 20 -27) visit that will also take him to Pakistan and India for talks on the new US strategy for South Asia, Mr Tillerson on Thursday met President Donald Trump at the White House.The Foreign Office in Islamabad believes that improvement in relations between Pakistan and the US has led to enhanced bilateral cooperation.“We are focused on the positive developments as manifested in the statements made at the higher political levels,” Foreign Office spokesman Nafees Zakaria said on Thursday as he brushed aside comments by the US envoy to United Nations, Nikki Haley, about the possible role for India of ‘keeping an eye on Pakistan’.
TThe Punjab Food Authority (PFA) on Wednesday discarded 117,000 liters of adulterated/substandard milk by erecting screening check posts on entry & exit points of various cities across the province. The PFA teams held pickets at eight points including Gajju Matta, Thokar Niaz Baig, Bhobtiyaa Chowk, Sagian and other entry points of the city. During action, 21,216 liters adulterated milk was wasted. In Rawalpindi division, 29,000 liters of milk recovered from dozens of vehicles was discarded on the spot. While taking action in Multan, 24,000 liters milk recovered from 11 vehicles was also spilt on the spot. In addition, 9000 liters milk captured from 14 vehicles in Gujranwala and 16,000 liters milk seized from Faisalabad division was wasted.
Minister for Inter-Provincial Coordination Riaz Hussain Pirzada has criticized the decision of the Pakistan Muslim League-Nawaz of electing disqualified Prime Minister Nawaz Sharif as party head. Speaking at a meet-the-press program at the National Press Club here on Thursday, the minister said Shahbaz Sharif should take over the PML-N as he better understood the people’s issues. If Shahbaz Sharif led the PML-N, a major political force in the country, it would be in the greater interest of the party, he added. Mr. Pirzada also criticized the governance and judicial system of the country, saying it was not helping the poor people.“I still remember how my election results were changed in 1990. I had come to know that the judge, who heard the case, received Rs500,000 as bribe from my opponent,” the minister said.
Central Development Working Party (CDWP) has approved as many as 31 development projects at the cost of Rs 360 billion, including 12 mega projects at an estimated cost of Rs 342 billion, which have been referred to Executive Committee of National Economic Council (ECNEC) for their final approval. Deputy Chairman Planning Commission Sartaj Aziz chaired the meeting here on Thursday. Officials from different ministries and provincial governments also attended the meeting.The CDWP approved the projects of various sectors including transport & communications, energy, water resources, information technology, physical planning & housing, environment and health. In energy sector, the CDWP has approved three projects at cost of Rs 3.714 billion. In addition to that, three energy projects worth Rs 41.387 billion were referred to ECNEC for further approval. The projects approved in energy sector are construction of 132KV grid station at Splinji and Allied 132KV SDT Darwaza-Splinji Transmission Line (65 km), 220KV Jamrud substation along with associated 220KV transmission line and establishment of new 132KV grid station Puran, Tehsil Mastung.
The deposed prime minister and PML-N president Nawaz Sharif will return to Pakistan on October 21 to appear before the accountability Court, which has indicted him in Avenfield and Al-Azizia steel mill references, filed by the National Accountability Court (NAB) in light of Apex curt verdict of July 28.
Today ATRL, DSL, HCAR, LUCK and TRG may lead the market in the positive direction.
Technical Analysis
The Benchmark KSE100 Index closed above its two major resistances during the last trading session after giving a breakout of its bearish trend channel but it is still capped by a major resistance at 41700 on the daily chart. Weekly chart is still in bearish momentum but today's closing above 41336 will change market sentiment as weekly chart will generate a bullish engulfing pattern which might indicate the start of a bullish momentum on short term basis. But all this may become visionary if index closes above 41336. As of right now index have two major resistances ahead at 41700 and 42200 and these two regions might try to push index back towards 41200 and 40975 therefore selling on the strength is recommended on intraday basis.
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.