PSX Daily Market Review - 23rd Aug 2019

Trading volume at PSX floor increased by 124.13 million shares or 94.47% on DoD basis, whereas the benchmark KSE100 index opened at 30,792.75, posted a day high of 31,913.32 and a day low of 30,972.75 points during last trading session while session suspended at 31,884.45 points with net change of 911.70 points and net trading volume of 176.03 million shares. Daily trading volume of KSE100 listed companies increased by 69.81 million shares or 65.72% on DoD basis.
Foreign Investors remained in net selling positions of 7.33 million shares and net value of Foreign Inflow dropped by 2.54 million US Dollars. Categorically, Foreign individual, Corporate and Overseas Pakistani investors remained in net selling positions of 0.12, 1.9 and 5.31 million shares respectively. While on the other side Local Individuals, NBFCs, and Brokers remained in net long positions of 5.3, 0.23 and 14.39 million shares but Local Companies, Banks, Mutual Funds and Insurance Companies remained in net selling positions of 1.6, 3.59, 5.17 and 3.78 million shares respectivley.

Asian stocks shaky before Powell's speech as growth woes weigh
Asian shares struggled to make any headway on Friday as weak U.S. manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.1% lower, though it was up 0.6% for the week and on track to break a four-week losing streak. Japan’s benchmark Nikkei added 0.2% and Australian stocks eased 0.1%, while South Korean shares shed 0.3% after Seoul said it will scrap an intelligence sharing agreement with Japan.
World Bank president to visit Pakistan in November
World Bank President David Malpass will visit Islamabad in the first week of November to finalise enhanced financial support for institutional reforms and growth agenda. The Ministry of Finance on Thursday said World Bank’s country director in Pakistan Patchamuthu Illangovan and his team called on Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh to apprise him of the upcoming visit of Mr Malpass to Islamabad. The delegation conveyed “a strong desire from the World Bank management to work with Pakistan to drive institutional reforms and support the growth agenda of the government through any technical or financial assistance required from the bank”, said a statement.
Ministry, PTA test Zong’s 5G network
Zong, China Mobile Paki­stan (CMPak), Pakistan’s No. 1 data network, on Thursday successfully con­ducted 5G trials. The event was attended by Shoaib Ahmed Siddiqui, Secretary IT&T Division, Maj. Gen. (Retd.) Amir Azeem Bajwa, PTA Chairman, and Dr. Wang Zhihua, Economic & Commercial Counsellor, Chinese Embassy. With a commitment to develop the digital ecosystem in Pakistan, Zong has always been at the forefront to offer innovative, state-of-the-art and most advanced services and solutions to its valued customers. The company has already established it­self as Pakistan’s largest network with more than 13 million 4G customers and 12,000 4G sites.
Kashmir running short of life saving drugs as clampdown continues
On Wednesday, Rizwan Nabi travelled from his native village of Meemandar in Shopian district, some 60 km south of Srinagar city, to purchase medicines for his ailing mother, Nazira Bano, a diabetic. According to Nabi, the local drug shops have run short of supplies in the district. “My mother hasn’t taken medicines for the past two days now. I am worried about her health and today braving all odds I reached Srinagar hoping to get medicines for her,” he said, waiting in a queue for his turn at a drug store in the city. “Here, people are saying there is a dearth of supplies.” No sooner had the young man reached the counter, he was sent back by the pharmacist, who said stocks were already exhausted a few days ago. As he was leaving the counter, the chemist suggested that he visit Karan Nagar locality, the hub of pharmaceutical companies in Kashmir. “You better hurry up, you may get the medicine there.” Many people visiting the city, the summer capital of Kashmir, with prescriptions are not as lucky as Nabi.
SC set to announce verdict on petitions regarding judge Malik video leak scandal
The Supreme Court is expected to announce on Friday the judgement on a set of petitions on a video leak scandal involving former accountability court judge Arshad Malik. The petitions being ruled on today — filed by Ishtiaq Ahmed Mirza, Sohail Akhtar and Tariq Asad — seek a directives from the apex court for the constitution of a probe committee or a judicial commission to look into matter. Last month, at a press conference, Maryam had shared a video containing an alleged confession by judge Malik. According to PML-N the video shows the judge confessing to being "pressured and blackmailed into giving the verdict against Nawaz" during a conversation with a 'sympathiser' of the PML-N, Nasir Butt.

The Benchmark KSE100 index have passed above its initial benchmark by closing above 31,700 points during last trading session, as of now daily and weekly momentum indicators are in full swing and these have generated bullish crossovers but hourly momentum is mixed and these indicators have reached an overbought region. As of now it's expected that index would face resistances against current bullish sentiment at 32,300 and 32,500 points and if index would succeed in penetration above these both regions then it would try to target 33,200 points. While on flipside index would try to find supports at 31,000 and 30,200 points in case of any bearish pressure. It's recommended to stay cautious because index need a correction before continue its bullish momentum and there are chances of occurrence of a morning star on weekly chart but that formation would need a confirmation next week. If index would succeed in closing above 31,000 points today then a weekly morning star would be formatted but for confirmation of that formation index would need to close above 33,200 points in next week for confirmation otherwise chances of a cheat pattern would increase with every passing day. It's recommended to start profit taking or post trailing stop loss on existing long positions. /div>

^{To Open picture in original resolution right click image and then click open image in a new tab}