PSX Daily Market Review - 27th Sep 2019

Trading volume at PSX floor increased by 19.71 million shares or 18.81% on DoD basis, whereas the benchmark KSE100 index opened at 31,588.52, posted a day high of 31,592.11 and a day low of 31,272.06 points during last trading session while session suspended at 31,433.89 points with net change of -131.32 points and net trading volume of 88.70 million shares. Daily trading volume of KSE100 listed companies increased by 13.69 million shares or 18.25% on DoD basis.
Foreign Investors remained in net selling positions of 8.20 million shares and net value of Foreign Inflow dropped by 2.76 million US Dollars. Categorically, Foreign Individual & Overseas Pakistanis remained in net buying positions of 0.05 and 0.79 million shares but Foreign Corporate investors remained in net selling positions of 9.05 million shares. While on the other side Local Individuals, Companies, NBFCs and Mutual Fund remained in net selling positions of 3.95, 35.05, 0.70 and 1.93 million shares respectively but Banks, Brokers and Insurance Companies remained in net buying positions of 26.47, 21.81 and 1.39 million shares respectively.

Asian shares drop to three-week low, U.S. politics sours mood
Asian shares slipped to three-week lows on Friday as the release of a whistleblower complaint against U.S. President Donald Trump added to worries about the global economy, already reeling from the China-U.S. trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.35%, having fallen 1.65% so far this week, while Japan’s Nikkei slid 1.30%. U.S. S&P 500 futures fell 0.13% in Asian trading after the index dropped 0.24% on Thursday. European shares are expected to fare slightly better, with pan-European Euro Stoxx 50 futures up 0.17%, German DAX futures rising 0.12% and FTSE futures up 0.1%. A whistleblower report released on Thursday said President Donald Trump not only abused his office in attempting to solicit Ukraine’s interference in the 2020 U.S. election for his political benefit, but that the White House tried to “lock down” evidence about that conduct.
Minister for provision of certified seeds to farmers at low rates
Punjab Minister for Agriculture Malik Numan Ahmed Langrial on Thursday said the government gives top priority to provision of high quality certified seeds to small and marginalized farmers at low rates in order to enhance per acre yield of various crops. Talking to media after receiving a detailed briefing from Punjab Seed Corporation (PSC) acting Managing Director, the minister said the Punjab Seed Corporation has been playing the role of a backbone in the development of agriculture sector and its further progress can bring about a revolution in this sector.
Diplomats of member states briefed about Comsats’ meeting
Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, who is the incumbent chairperson of the Islamabad-based inter-governmental organization, the Commission on Science and Technology for Sustainable Development in the South (COMSATS), has convened the General Meeting of COMSATS and Accra Forum on Science and Technology for Sustainable Development during October 2019 in Accra.
Oman awards mega road, dam projects to Nespak
NESPAK has been awarded mega road and dam projects in Sultanate of Oman enabling a Pakistani engineering firm to generate handsome foreign exchange for the country by exporting its expert consultancy services, said Dr Tahir Masood, Managing Director NESPAK, Thursday. In the Sultanate of Oman, NESPAK started its operations in the year 1979 and has been providing consultancy services to various government ministries and departments for the last 39 years. Special Economic Zone Authority Duqm- SEZAD, Oman has hired NESPAK for design of a Dual Carriageway for NR-32 Phase-1 at Duqm (16 KM).
SBP reserves fall by $135m in a week
Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $135 million to $8.465 billion during the week ended on Sept 20. The SBP said on Thursday that the reserves decreased due to external debt payments. However, since May this year, the reserves of both the SBP and commercial banks have increased. The reserves of the SBP in May were $7.862bn which rose by $603m till Sept 20. Similarly, the reserves of the commercial banks increased by $285m to $7.303bn; since May till Sept 20. The country’s total reserves were $15.772bn.