PSX Daily Market Review - 24th Sep 2019

Trading volume at PSX floor dropped by 66.66 million shares or 43.49% on DoD basis, whereas the benchmark KSE100 index opened at 32,147.65, posted a day high of 32,147.65 and a day low of 31,710.00 points during last trading session while session suspended at 31,751.21 points with net change of -359.89 points and net trading volume of 64.50 million shares. Daily trading volume of KSE100 listed companies dropped by 55.85 million shares or 46.40% on DoD basis.
Foreign Investors remained in net selling positions of 1.38 million shares and net value of Foreign Inflow dropped by 0.50 million US Dollars. Categorically, Foreign Individual and Overseas Pakistanis remained in net buying positions of 0.025 and 3.32 million shares but Foreign Corporate Investors remained in net selling positions of 4.72 million shares. While on the other side Local Individuals and NBFCs remained in selling positions of 1.95 and 0.03 million shares but Local Companies, Banks, Mutual Funds, Brokers and Insurance Companies remained in net buying positions of 1.19, 0.68, 0.85, 0.12 and 0.24 million shares respectively.

Global stocks inch up on trade hopes but growth fears temper gains
TOKYO (Reuters) - Global shares ticked up on Tuesday after U.S. Treasury Secretary Steven Mnuchin said U.S.-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan moved up 0.06%, supported by 0.4% gains in mainland Chinese shares, while Japan’s Nikkei edged up 0.20% after a market holiday on Monday. U.S. stock futures gained 0.39%, helped by comments from U.S. Treasury Secretary Steven Mnuchin that U.S.-China trade talks will resume next week. He later clarified that the negotiations will take place in two weeks. “The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. “It seems there have been a lot going on behind the scenes,” he said, referring to unusual exchanges in which U.S. President Donald Trump questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions. That cancellation was seen by markets as a sign all is not well in the U.S.-China talks and helped to send share prices lower on Friday.
OGDCL injects 13 new wells in production gathering system
The Oil and Gas Development Company Limited (OGDCL) has injected 13 new wells, producing 373,515 Barrels crude oil and 4,867 Million Cubic Feet (MMCF) gas, in its production gathering system during the last fiscal year. “The company contributed around 45 percent and 29 percent towards the country’s total oil and natural gas production respectively,” the OGDCL announced in its annual report for the year 2018-19. The company also acquired 1,324 Line-Kilometer 2D and 620 Square-kilometer 3D seismic data, which represented 63 percent and 41 percent, respectively of total seismic data acquisition in the country.
10 projects approved for disaster risk reduction
The Board of Directors of the National Disaster Risk Management Fund (NDRMF) has approved 10 projects for disaster risk reduction at a cost of Rs4.9 billion, including a grant financing of Rs3.6bn. A meeting of the board presided over by Finance Secretary Naveed Kamran Baloch here on Monday was attended by Asian Deve­lo­pment Bank’s Country Dir­e­ctor Ms Xiaohong Yang, Additional Secretary Eco­n­o­mic Affairs Zulfiqar Hai­der Khan, Secretary Cli­mate Change Hassan Nasir Jamy and NDRMF’s Chief Executive Officer retired Lt Gen Nadeem Ahmed. An official statement said these projects will be implemented by the irrigation de­­partments of Punjab, Sindh, Gilgit-Baltistan, the Provin­cial Disaster Management Authority, Sindh, the Com­m­­­unication and Works Dep­artment of Azad Jammu and Kashmir, Rescue 1122 Gilgit-Baltistan, Pakistan Me­­­teorological Depart­m­e­­nt, Pakistan Poverty Alle­v­iation Fund and Muslim Aid Pakistan.
Pakistani expat traders invested $13 billion over past 7 years
Members of the Overseas Investors Chamber of Commerce and Industry (OICCI) have invested $13 billion in Pakistan over the past seven years –said OICCI President Shazia Syed. The Managing Committee members of the Overseas Investors Chamber of Commerce and Industry (OICCI) held their interaction with senior diplomats of countries represented at the OICCI. The meeting provided an opportunity to exchange views on the current Business Environment and to share the OICCI perspective on opportunities for FDI in Pakistan.
Regulatory body orders medicine recall over cancer fears
The Drug Regulatory Authority of Pakistan (Drap) on Monday directed tens of companies across the country to stop manufacturing medicines made with the raw material ‘Ranitidine’ — including Zantac — and recall all such products already on the market. The substance is used for the treatment of stomach acidity and related discomforts. The directive has been given out after an alert generated by the United States’ Food and Drug Adminis­tration (US FDA) that the medicine can cause cancer. The Drap document, available with Dawn, says that a nitrosamine impurity called N-Nitrosodimethyla­mine (NDMA) [a probable carcinogenic impurity] has been found in some products containing Ranitidine.