PSX Daily Market Review - 26th Sep 2018

Trading volume at PSX floor increased by 3.04 million shares or 3.08% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 41,018.81, posted a day high of 41,193.18 and a day low of 40,957.36 during last trading session. The session suspended at 41,036.30 with net change of 31.75 and net trading volume of 54.64 million shares. Daily trading volume of KSE100 listed companies dropped by 0.20 million shares or 0.37% on DoD basis.
Foreign Investors remain in net buying positions of 0.72 million shares and net value of Foreign Inflow increased by 1.22 million US Dollars. Categorically Foreign Individuals remained in net selling positions of 0.11 million shares but Overseas Pakistanis and Foreign Corporate investors remained in net buying positions of 0.35 and 0.48 million shares. While on the other side Local Individuals, Brokers and Insurance Companies remained in net buying positions of 3.10, 3.56 and 0.16 million shares respectively but Local Companies, Banks, NBFCs and Mutual Fund remained in net selling positions of 4.15, 2.83, 0.04 and 0.6 million shares.

Asian shares hover below three-week high as Fed rate hike looms
Asian shares barely budged on Wednesday, lacking traction as U.S. bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday. In Japan, the Nikkei edged down 0.4 percent. Wall Street shares were mixed, as rises in energy shares on higher oil prices and gains in consumer discretionary shares following strong U.S. consumer confidence were offset by falls in other sectors. U.S. consumer confidence hit an 18-year high, adding to a string of recent U.S. data that pointed to the strong U.S. economic momentum, despite concerns about trade wars U.S. President Donald Trump is waging.
Asad agrees to restore FTR back to previous status
Federal Minister for Finance, Revenue & Economic Affairs Asad Umer, during a meeting with a high-level delegation of Karachi Chamber of Commerce and Industry (KCCI) in Islamabad on Tuesday, principally agreed to restore the Final Tax Regime (FTR) for the commercial importers in the larger interest of trade and Industry. The commercial importers were treated under final tax regime and allowed audit exemption on the payment of six percent withholding tax but in the federal budget 2018-19, this regime was replaced with minimum tax which will be restored back to the same position as it was before the budget 2018-19, he added.
Wellhead gas prices up to 35 percent for 23 fields from July 1
The Oil and Gas Regulatory Authority (Ogra) has increased wellhead gas prices up to 35 percent for 23 fields with effect from July 1, 2018, a notification said. On the basis of revised wellhead rates, the gas utilities including Sui Southern Gas (SSGC) and Sui Northern Gas (SNGP) would file requests for increase in consumer tariff that would come into force on December 31, 2018.
Fertiliser makers warn of Rs128/bag urea price hike
The recent hike in gas prices for fertiliser sector is estimated to jack up urea price by Rs128 per bag, not only dealing a blow to local farmers’ profitability, but also overall agriculture, industry officials said on Tuesday.
Revised PSDP: MPs for allocating funds to Gwadar projects
Showing serious concern over stopping of 12 Gwadar based projects, the Senate Standing Committee on Planning Development and Reforms on Tuesday recommended the government to allocate funds for the establishment of Gwadar University and fish harbor projects in revised Public Sector Development Programme (PSDP). The 12 projects of Gwadar, which include Gwadar Fish Harbor, have been stopped because of financial crisis, said the advisor to the Planning Ministry on PSDP, Asif Sheikh here while briefing the Senate Standing Committee on Planning, Development and Reforms. The Committee, which met under the chairmanship of Senator Agha Shahzaib Khan Durrani, considered recommendations of the members on the Finance Supplementary Amendment Bill 2018 relating to Public Sector Development Program 2018-19.

The Benchmark KSE100 Index have tried to neutralized the severe impact of evening star during last trading session which was generated on daily chart but bearish sentiment still prevails even have strengthened because daily momentum indicators have changed their direction. Daily and hourly Stochastic and MAORSI have generated bearish crossovers and these both would add a lot of pressure on index during current trading session. Index would try to maintain its double bottom at 40,899 points on daily chart before going for a retest of 40,711 and 40,600 points but it’s expected that some extra ordinary pressure would be witnessed on index before 41,224 and 41,330 points because index is coming down after a breath in to penetrate its short term bullish correction. It’s recommended to sell on strength until index succeeds in closing above 41,605 points.