PSX Daily Market Review - 25th Sep 2019

Trading volume at PSX floor increased by 2.19 million shares or 2.53% on DoD basis, whereas the benchmark KSE100 index opened at 31,755.59, posted a day high of 31,892.23 and a day low of 31,436.22 points during last trading session while session suspended at 31,829.24 points with net change of 78.03 points and net trading volume of 70.56 million shares. Daily trading volume of KSE100 listed companies increased by 6.06 million shares or 9.39% on DoD basis.
Foreign Investors remained in net selling positions of 13.00 million shares and net value of Foreign Inflow dropped by 3.39 million US Dollars. Categorically, Foreign Individual and Overseas Pakistanis remained in net buying positions of 0.08 and 2.67 million shares but Foreign Corporate Investors remained in net selling positions of 15.74 million shares. While on the other side Local Individuals, Companies, Banks, NBFCs and Mutual Fund remained in buying positions of 7.50, 0.57, 3.20, 0.02 and 1.95 million shares but Brokers and Insurance Companies remained in net selling positions of 0.10 and 0.53 million shares respectively.

Asian stocks rattled as Trump impeachment bid raises new risks
Asian stocks fell on Wednesday after U.S. lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world’s largest economy. The dramatic move by House of Representatives Democrats compounded investors’ anxieties with confidence already shaken by new worries about U.S.-China trade negotiations. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.82%, Japan’s Nikkei fell 0.63%, while Australian shares fell 0.60%. Chinese shares slumped and oil futures extended declines after Trump harshly criticized Beijing’s trade practices in a speech at the United Nations, damping hopes for a resolution to the U.S.-China trade war. The dollar nursed losses against most major currencies as the inquiry sets the stage for a fierce battle between Democrats and Trump’s Republican Party over whether the president sought foreign influence to smear a political rival.
3 Punjab industrial estates given status of SEZs
Punjab Industrial Estates Chairman Syed Nabeel Hashmi disclosed on Tuesday that Prime Minister Imran Khan had granted the status of Special Economic Zone (SEZ) to three industrial estates, situated in Bhalwal, Rahim Yar Khan and Vehari under the control of Punjab Industrial Estates Development and Management Company (PIEDMC). Hashmi told the media here that the step would revolutionise the industrialisation and usher in a new era of progress and prosperity in the country, particularly in Punjab. He mentioned that he also briefed the prime minister in a recent meeting at PM Secretariat that a number of incentives were required for industrial sector to increase exports and create employment in the province. “The Special Economic Zone (SEZ) Act provides fiscal incentives to developers and industrialists which includes tax exemptions for 10 years and one-time duty exemption on the import of machinery,” he explained. The chairman added that among three industrial estates, two (Rahim Yar Khan and Vehari) were located in south Punjab.
MoIT asks Pak Datacom to increase its income
Federal Secretary for Ministry of Information Technology and Telecommunication Shoaib Ahmad Siddiqui Tuesday directed the management of data communication provider, Pak Datacom Limited, to increase the income of the company. On the direction of Federal Minister for IT, Secretary MoIT Shoaib Ahmad Siddiqui visited Pak Datacom Limited head office to review their performance and functions of different projects, said a statement issued here.
ICCI calls on MCI to withdraw 200pc hike in property tax
An emergency meeting of the Executive Committee of Islamabad Chamber of Commerce and Industry (ICCI) was held under the chair of President Ahmed Hassan Moughal. The meeting has passed a resolution that called upon the Metropolitan Corporation Islamabad (MCI) to immediately withdraw the up to 200 percent hike in property tax on commercial and residential properties in Islamabad because making so much hike in tax in one go was totally unjustified and would add to the difficulties of businessmen and the citizens.
‘Pakistan needs free access to US markets’
The business community on Tuesday expressed hope that Prime Minister Imran Khan’s ongoing visit to the United States of America would bring the two countries closer besides seeking direct market access on zero rate duty to help stabilise its economy. In a press statement, Founder Chairman Pak-US Business Council Iftikhar Ali Malik said Pakistan needs immediate direct access to the US markets and not aid. He also stressed the need for negotiation on bilateral investment treaty for promotion of investment. “Joint efforts are needed to further cement the existing economic ties between the private sectors in Pakistan and the US,” he added. Mr Malik who is also Senior Vice President of Saarc Chamber said that USA was the largest trading partner of Pakistan with trade volume $6.7 billion.