PSX Daily Market Review - 22nd March 2019

Trading volume at PSX floor dropped by 1.73 million shares or 2.09% on DoD basis, whereas the benchmark KSE100 index opened at 38,548.18, posted a day high of 38,593.48 and a day low of 38,202.28 points during last trading session while session suspended at 38,384.71 with net change of -163.05 points and net trading volume of 55.28 million shares. Daily trading volume of KSE100 listed companies dropped by 0.88 million shares or 1.56% on DoD basis.
Foreign Investors remained in net buying positions of 3.30 million shares and net value of foreign inflow increased by 0.60 US Dollars. Categorically, Foreign Corporate and Overseas Pakistanis remained in net buying positions of 0.91 and 2.66 million shares but Foreign Individuals Investors remained in net selling positions of 0.28 million shares. While on the other side Local Individuals, Banks, NBFCs, Mutual Fund and Brokers remained in net buying positions of 3.64, 0.31, 0.15, 1.08 and 0.86 million shares respectively but Local Companies, and Insurance Companies remained in net selling positions of 5.47 and 2.45 million shares respectively.

Asian shares hit 6-1/2-month high on tech hopes, U.S. data
Asian shares hit 6-1/2-month highs on Friday after upbeat U.S. data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, led by 0.5 percent gains in the info tech sector, while Japan’s Nikkei bucked the trend and lost 0.2 percent. On Wall Street, the S&P 500 gained 1.09 percent while the Nasdaq Composite rallied 1.42 percent, both hitting five-month highs.[.N] Apple Inc led the tech sector’s advance, rising 3.7 percent, ahead of the company’s expected streaming service debut next week.
PPL bags top award for corporate philanthropy
TKARACHI (PR) Pakistan Petroleum Limited (PPL) was declared largest corporate giver on account of volume of donations for 2017 by Pakistan Centre for Philanthropy (PCP) based on their regular annual survey of corporate philanthropy trends in the country. This is the 14th consecutive year in which PPL has received the award in this category. DMD (Coord.) Khalid Raza and GMCS Furqan Uddin Sheikh of PPL jointly received the award from eminent businessman and Pro Chancellor, Lahore University of Management Sciences, Syed Babar Ali during Pakistan Philanthropy Forum 2019 organized by PCP at Institute of Business Administration, Karachi Campus.
Inflated gas bills: PM unsatisfied with removal of just SNGPL MD
Unsatisfied with the removal of managing director of SNGPL, Prime Minister Imran Khan has directed the petroleum minister to expedite the inquiry into the recent inflated gas billing and take action against all those responsible. The Prime Minister issued these directives in a meeting with Federal Minister for Petroleum, Ghulam Sarwar Khan. During the meeting, the minister apprised the Prime Minister of the steps that have already been taken regarding inflated gas bills including initiating the process of returning excess amounts back to the consumers, said a spokesman of the Petroleum Division here Thursday.
Pakistan to receive loan worth $2.1bn from China by Monday: finance ministry
The Ministry of Finance has announced that the State Bank of Pakistan (SBP) will receive a 15 billion yuan loan, equivalent to $2.1bn, from China by Monday. The ministry's adviser and spokesperson Dr Khaqan Najeeb Khan said that "all procedural formalities" for the transfer of the loan being provided to Pakistan by the Chinese government have been completed, and "the funds will be deposited in the SBP account by Monday 25th March". The loan facility, the spokesperson said, "will further strengthen foreign exchange reserves and ensure balance of payment stability."
SBP reiterates braille features on currency notes for the help of visually impaired persons
The State Bank of Pakistan (SBP) has reiterated that Pakistani currency notes have specific features to help visually impaired persons identify the genuineness of currency notes and to distinguish between different denominations. The central bank made the clarification through a statement on Thursday in Karachi after learning and taking notice that visually impaired persons find it difficult to recognise and distinguish amongst different Pakistani currency notes. All currency notes of Rs20 and above contain braille features on the front side that help determine the denomination of a note, said the statement.

The Benchmark KSE100 index is caged between a triangle on hourly chart therefore a volatile trading session could be witnessed today. As of now index would find supportive regions at 38,300 and 37,860 points while on flipside it would face resistance at 39,000 and 39,465 points. It’s recommended to adopt swing trading for current trading session until index closes either above 39,000 points or below 37,860 points. Daily and hourly momentum indicators are still in bullish mode and would try to provide some fresh volume in market by supporting positive sentiment. But weekly momentum indicators are not being succeeded in generating bullish crossovers and these would need a weekly closing above 39,000 points.