PSX Daily Market Review - 23rd Oct 2019

Trading volume at PSX floor dropped by 46.67 million shares or 35.82% on DoD basis, whereas the benchmark KSE100 index opened at 33,107.28, posted a day high of 33,240.10 and a day low of 32,960.65 points during last trading session while session suspended at 33,198.96 points with net change of 114.23 points and net trading volume of 62.05 million shares. Daily trading volume of KSE100 listed companies dropped by 38.22 million shares or 38.12% on DoD basis.
Foreign Investors remained in net buying positions of 3.51 million shares and net value of Foreign Investors remained in net buying positions of 9.23 million shares and net value of Foreign Inflow increased by 1.85 million US Dollars. Categorically, Foreign Corporate and Overseas Pakistani remained in net buying positions of 0.44 and 8.82 million shares but Foreign Individual investors remained in net selling positions of 0.03 million shares respectively. While on the other side Local Individuals, Mutual Fund and Brokers remained in net selling positions of 8.09, 4.59 and 0.65 million shares but Local Companies, Banks and Insurance Companies remained in net buying positions of 1.69, 1.64 and 0.19 million shares respectively.

Asia shares slip on Brexit snag, Texas Instruments' revenue woes
U.S. stock futures and Asian shares slipped on Wednesday as revenue warnings from Texas Instruments raised worries about the global tech sector and after British lawmakers forced the government to hit the pause button on the latest Brexit deal. S&P500 mini futures ESc1 dropped 0.3% while Japan's Nikkei .N225 last stood almost flat after having fallen as much as 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.5%. On Tuesday on Wall Street, the S&P 500 .SPX lost 0.36%. After the bell, Texas Instruments (TXN.O), whose broad lineup of products makes it a proxy for the global chip industry, forecast current-quarter revenue to fall 10 to 17% from a year earlier, well below estimates. Texas Instruments shares tumbled 9.8% in after-hour trade, driving down other chipmaker shares including Intel (INTC.O) and Nvidia (NVDA.O). Worries that the global microchip industry is being squeezed by a downturn in demand and a prolonged U.S.-China trade dispute sent some Asian chip-related shares lower.
CPPA proposes Rs2.97 per unit hike in power tariff for Sept
Central Power Purchasing Agency (CPPA) has proposed an increase of Rs 2.97 per unit, under fuel price adjustment, in the electricity tariff for the month of September for ex-Wapda DISCOs. According to the petition, submitted by CPPA with NEPRA, total energy generated in September was 13621 Gwh at a total price of Rs 70.231 billion which is Rs 5.1560 per kWh. The net electricity delivered to power distribution companies was 13225.35 Gwh at cost of Rs 76.886 billion or 5.8136 per kWh. Out of total electricity generation, losses stood at 2.91 per cent. Since the actual cost of generation was Rs 5.8136 per unit in the period under review against reference price of Rs 2.8410 per unit therefore it has requested an increase of Rs 2.9726 per unit.
Ground-breaking of CPEC SEZ at Rashakai likely to be held on Nov 29
The ground-breaking of CPEC Special Economic Zone at Rashakai is likely to be held on November 29 and the government is considering special incentives for the export oriented industries in the proposed zones. The government is also likely to provide Rs 2.8 billion for the provision of electricity to fives CPEC SEZs, official source said here. Prime Minister Imran Khan will chair an important meeting today (Wednesday) on CPEC Special Economic Zones, where he will issue special directive regarding the provision of utilities to the economic zones during current fiscal, the official informed. The government is also considering special incentives for the export oriented or import substituting industries in the proposed SEZs, he said. The incentives will not be uniform rather it will be based on the volume of exports or import substitution, he said.
Pakistan likely to grab position among top-10 global reformers
Pakistan is likely to grab position among top-10 global reformers on the Ease of Doing Business Index of World Bank. Although World Bank will formally release its Ease of Doing Business Report tomorrow (Thursday), determining the rankings of 190 countries, however on the basis of its performance Pakistan expects to jump to top ten reformers, said the official. Out of 10 reforms on Ease of Doing Business by Pakistan World Bank has acknowledged six reforms, said the official. Pakistan has left behind all the South Asian countries including India, Bangladesh, Sri Lanka and Nepal in the acknowledgment of its reforms by the World Bank, the official said.
Youth, women spur social business growth in Pakistan: global poll
From turning organic waste into fertiliser to sharing farm equipment, new businesses seeking to address social problems in Pakistan have made the South Asian nation one of the best performers in the second global poll on social entrepreneurs. As the government struggles to find solutions for a nation affected by poverty, water scarcity, climate change and lack of sanitation, social startups are emerging to fill the gaps. Pakistan was one of the three countries, along with Australia and the Netherlands, whose overall ranking improved the most since the first Thomson Reuters Foundation experts’ poll on the best countries for social entrepreneurs in 2016. The country advanced 18 spots to place 14th among the world’s 45 biggest economies, seen as a nation where social entrepreneurs can make a living and attract good staff.