PSX Daily Market Review - 27th Nov 2019

Trading volume at PSX floor increased by 247.17 million shares or 102.33% on DoD basis, whereas the benchmark KSE100 index opened at 38,212.28, posted a day high of 38,568.05 and a day low of 37,535.89 points during last trading session while session suspended at 37,795.05 points with net change of -417.23 points and net trading volume of 334.18 million shares. Daily trading volume of KSE100 listed companies increased by 167.16 million shares or 100.08% on DoD basis.
Foreign Investors remained in net selling positions of 2.02 million shares and net value of Foreign Inflow dropped by 7.97 million US Dollars. Categorically, Foreign Individual and Overseas Pakistanis remained in net buying positions of 0.07 and 8.90 million shares but Foreign Corporate Investors remained in net selling positions of 10.99 million shares. While on the other side Local Individuals, NBFCs, Mutual Fund and Insurance Companies remained in net buying positions of 1.42, 0.89, 3.78 and 5.16 million shares but Local Companies, Banks and Brokers remained in net selling positions of 0.29, 2.35 and 7.73 million shares respectively.

Asian shares climb on prospects of trade progress, low rates
Asian shares ticked higher on Wednesday as more upbeat signals from Sino-U.S. trade talks fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing U.S. economy. The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday and stoked confidence in early Asian trade with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up 0.14%. Australian shares added 0.46% and Japan's Nikkei .N225 rose 0.41%. U.S. President Donald Trump said on Tuesday that the United States and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues. But while Trump said Washington was in the “final throes” of work on a trade deal with Beijing, he also underscored U.S. support for protesters in Hong Kong, seen as a sore point for Beijing.
Asim Bajwa made chairman of newly-created CPEC Authority
The government on Tuesday announced the appointment of retired Lt Gen Asim Saleem Bajwa as chairman of the China-Pakistan Economic Corridor Authority (CPECA) amid the opposition’s criticism of formation of the authority. According to a notification issued by the Establishment Division, the competent authority appointed retired Lt Gen Bajwa as chairman of the CPECA, which comes under the planning and development ministry. “The new chairperson will get MP-I scale for a period of four years from the date of assuming the charge of the office with immediate effect and until further orders,” it stated. Retired Lt Gen Bajwa had served as Commander Southern Command before his retirement. He remained director general of the Inter-Services Public Relations from 2012 to 2016.
$787m loan agreements signed with World Bank
Pakistan and the World Bank on Tuesday signed five loan agreements of $787 million for development projects, majority of them for Karachi uplift. The agreements were signed by Economic Affairs Division secretary Noor Ahmed, World Bank’s country director in Islamabad Patchamuthu Illangovan and the representatives of governments of Sindh and Khyber Pakhtunkhwa and the National Transmission and Dispatch Company Ltd. Minister for Economic Affairs Hammad Azhar witnessed the signing ceremony. The World Bank will provide $652m for three development projects in Karachi to support urban mobility, urban management and service delivery, improve water and sewerage services, tourism and power sectors.
CPEC crucial for Pakistan’s development, says Hafeez
Defending the China-Pakistan Economic Corridor (CPEC), Finance Adviser Dr Abdul Hafeez Shaikh on Monday called for global awareness campaign about the multi-billion dollar programme for its real success. He was talking to journalists after attending a seminar when asked to comment on recent statements from US Assistant Secretary Alice Wells warning Pakistan about the deepening debt problems due to CPEC. He said the CPEC was a very important programme that involves a number of projects for the development of Pakistan like improvement in road network, modernisation of railway infrastructure, setting up of special economic zones (SEZs) to provide modern infrastructure to attract foreign investment.
Govt has taken revolutionary steps for agri sector uplift: Langrial
Punjab Minister for Agriculture Malik Nauman Ahmad Langrial, while presiding over a briefing session about ongoing projects of department at Agriculture House, has said that all officers should burn mid-night oil to achieve the goals so farming community should be benefitted, saying that govt has taken revolutionary steps for agriculture sector uplift. Langrial appreciated the research work and directed to speed up the work. He said that in the process of researching new varieties of fruits, vegetables and pulses, it is very important to take into account the climate change and market demand. Research is underway to develop new types of productive products. Government of Punjab is fully committed to provide the farmers with advanced productive technologies with high productivity.