PSX Daily Market Review - 25th Jan 2019

Trading volume at PSX floor increased by 66.88 million shares or 37.36% on DoD basis, whereas the benchmark KSE100 index opened at 40,592.67, posted a day high of 40,609.03 and a day low of 40,221.34 points during last trading session while session suspended at 40,289.16 with net change of 231.31 points and net trading volume of 158.76 million shares. Daily trading volume of KSE100 listed companies increased by 52.14 million shares or 48.90% on DoD basis.
Foreign Investors remained in net buying positions of 6.68 million shares and net value of Foreign Inflow increased by 7.05 million shares. Categorically, Foreign Individuals, Corporate and Overseas Pakistanis investors remained in net buying positions of 0.20, 5.02 and 1.47 million shares respectively. While on the other side Local Companies, Banks and Brokers remained in net buying positions of 0.50, 0.06 and 4.13 million shares respectively but Local Individuals, NBFCs, Mutual Fund and Insurance companies remained in net selling positions of 6.86, 2.03, 2.05 and 0.73 million shares respectively.

Asia stocks firm, euro sags after dovish ECB
Asian stocks rose across the board on Friday, buoyed by gains in U.S. technology shares while investors awaited several key events next week including U.S.-China trade talks. The euro struggled near a six-week low versus the dollar following dovish-sounding comments from European Central Bank President Mario Draghi, who expressed concerns about the euro zone economy.
Pakistan, Iraq agree on MoU for safe migration of Pak manpower
Pakistan and Iraq have agreed to finalize the signing of longstanding memorandum of understanding (MoU) at the earliest aimed at ensuring legal and risk-free migration of the Pakistani manpower to Iraq. The agreement was reached between Special Assistant to Prime Minister on Overseas Pakistanis & Human Resource Development and Iraqi Labor Minister Dr Basim Abdul Zaman Majeed Al Rubaie during a meeting held in Baghdad the other day.
No significant relief in mini budget for small traders
The All Pakistan Anjuman-e-Tajiran central general secretary Naeem Mir has appreciated the government positive measures for different sectors of the economy in the mini budget but raised concern for not announcing any major relief for small traders. Addressing a press conference here at Lahore Press Club on Thursday, the APAT general secretary said that government announced incentives for exporters, provided tax exemption for investment in industrial sector, abolished withholding tax on capital market and removed WHT on banking transactions for filers but no major positive measure was taken for the benefit of traders in the mini budget .
CPEC to play larger role in driving Pakistan’s economy: Global Times
Several years after its launch, the China-Pakistan Economic Corridor (CPEC) has laid a foundation for sustainable economic development through infrastructure improvement. Perhaps now is the time to launch the second stage of the project to turn its focus to areas including industry, agriculture and socioeconomic projects, and further develop the Gwadar Port, according to a report published in Global Times on Thursday.
Federal minister chairs Board of Directors meeting of PSEB
Federal Minister for Information Technology and Telecommunication Dr Khalid Maqbol Sidiqi chaired 40th Board of Directors (BoD) meeting of Pakistan Software Export Board (PSEB) at the committee room of Ministry of IT and Telecommunication on Thursday. Federal Secretary Ministry of Information Technology and Telecommunication Maroof Afzal was also present in the meeting. The meeting confirmed the minutes of 39th BoD meeting of Pakistan Software Export Board and approved operational budget estimates of Pakistan Software Export Board amounting to Rs 196 million for financial year 2018-19. The Board also approved appointment of M/S Riaz Ahmad & Co Chartered Accountants as external auditors of Pakistan Software Export Board for financial year 2018-19. The annual audited report of Pakistan Software Export Board for financial year 2017-18 was also endorsed in the meeting.

The Benchmark KSE100 Index tried to penetrate its major resistant region of 40500 points during last trading session but could not succeed to maintain above that region and had bounced back to fulfill its gap. As of now it’s expected that index would try to take a dip towards 40,000 points where it would find strong support during current trading session. It’s recommended to trade very cautiously while posting strict stop loss on either short or long positions because market would try to react aggressively in either side on breakout of 40,700 or 39,660 points.