PSX Daily Market Review - 22nd Nov 2018

Trading volume at PSX floor dropped by 9.12 million shares or 5.17% on DoD basis, whereas the Benchmark KSE100 index opened at 41,376.42, posted a day high of 41,465.81 and day low of 41,214.51 points during last trading session while session suspended at 41,419.24 with net change of 66.47 points and net trading volume of 79.64 million shares. Daily trading volume of KSE100 listed companies increased by 11.60 million shares or 17.04% on DoD basis.
Foreign Investors remained in net selling position of 1.66 million shares and net value of Foreign Inflow dropped by 3.74 million US Dollars. Categorically, Foreign Individuals and Foreign Corporate remained in net selling positions of 0.03 and 1.67 million shares but Overseas Pakistani investors remained in net buying positions of 0.04 million shares respectively. While on the other side Local Individuals, Local Companies, Banks and Brokers remained in net selling positions of 2.19, 7.92, 1.10 and 1.52 million shares respectively but NBFCs, Mutual Fund and Insurance Companies remained in net buying positions of 0.81, 4.58 and 6.30 million shares respectively.

Asian shares tick up but growth worries keep investors on edge
Asian shares stepped ahead cautiously on Thursday while oil rebounded from a steep sell-off, though rising U.S. interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth. Japan’s Nikkei rose 0.7 percent while Australian shares advanced 0.6 percent.
Pesco says to lift ban on recruitments
A ban imposed on the recruitment of skilled and technical staff in the electricity distribution companies would be lifted to remove the shortage of staff, said Federal Secretary Energy and Pakistan Electric Supply Company (Pesco) Board of Director chairman lrfan Ali. He added recruitment would be carried out on merit basis.
PR, China sign Main Line-I project deal
Pakistan Railways Minister Sheikh Rashid Ahmed on Tuesday said Prime Minister Imran Khan would inaugurate four more trains on November 23. He expressed these views while addressing a ceremony held at PR Headquarters to sign an agreement between PR and National Railway Administration (NRA) China regarding Main Line-I (ML-1) project.
Tea import increases by 7.98pc
Tea import into the country during first four months of current financial year increased by 7.98 percent as compared the corresponding period of last year. During the period from July-October, 2018-19, about 75,725 metric tons of tea valuing $189.467 million imported to fulfill the domestic requirements as compared the imports of 60,450 metric tons costing US$ 183.806 million of same period of last year. However, food group imports into the country during the period under review decreased by 9.69 percent and was recorded at $1.987 billion as compared the imports of $2.200 billion of same period of last year, according the data of Pakistan Bureau of Statistics.
ECC approves 0.5m tonnes of wheat export
The Economic Coordination Committee (ECC) of the cabinet on Tuesday approved to export 0.5 million tonnes of wheat at subsidized rate. The ECC, which was chaired by Finance Minister Asad Umar, discussed the proposal submitted by the Ministry of National Food Security and Research regarding export of surplus wheat/products. The ECC decided that Sindh, Punjab and Pakistan Agricultural Storage and Services Corporation (PASSCO) will export the surplus wheat and the concerned provincial governments will incur the subsidy on export.

The Benchmark KSE100 have tried to bounce back after retesting its supportive region of 41,200 points during last trading session but daily momentum indicators have generated bearish crossovers which may lead index towards 41,000 and 40,860 points and it would face a strong resistance at 41,800 points during current trading session. Index is being capped by a horizontal resistant and two strong resistant trend lines at this region therefore it’s recommended to start profit taking at spike or start initiating short selling before this region during current trading session.