Previous Session Recap
Trading volume at PSX floor dropped by 2.99 million shares or 2.21% on DoD basis whereas the Benchmark KSE100 index opened at 40,825.54, posted a day high of 40,925.43 and day low of 40,520.47 during last trading session while session suspended at 40,894.22 with net change of 122.67 points and net trading volume of 70.71 million shares. Daily trading volume of KSE100 listed companies increased by 1.83 million shares or 2.66% on DoD basis.
Foreign Investors remained in net buying position of 0.77 million shares but net value of Foreign Inflow dropped by 1.91 million US Dollars. Categorically, Foreign Individuals, Foreign Corporate and Overseas Pakistani investors remained in net buying position of 0.05, 0.66 and 0.65 million shares. While on the other side Local Individuals, Local Companies, Banks, and Brokers remained in net selling positions of 1.79, 0.81, 0.49 and 1.70 million shares respectively, but NBFCs, Mutual Fund and Insurance Companies remained in net buying positions of 0.6, 0.23 and 1.70 million shares respectively.
Analytical Review
Asian shares tentative ahead of Trump-Xi meeting, Fed speech
Asian shares dithered on Wednesday and the dollar jumped to a near 1-1/2-year top as risk assets rowed back amid conflicting signals on prospects for de-escalating the Sino-U.S. trade dispute. MSCI’s broadest index of Asia-Pacific shares outside Japan see-sawed between positive and negative territory and last was flat. Australian and South Korean stocks were both down 0.2 percent. Japan’s Nikkei gained 0.7 percent. Chinese indices shed small early gains. The blue-chip index was flat.MSCI’s broadest index of Asia-Pacific shares outside Japan see-sawed between positive and negative territory and last was flat. Australian and South Korean stocks were both down 0.2 percent. Japan’s Nikkei gained 0.7 percent. Chinese indices shed small early gains. The blue-chip index was flat.
CCoE takes up RLNG demand, financial loss issues today
The Cabinet Committee on Energy (CCoE) will today (Wednesday) discuss the Re-gasified Liquefied Natural Gas (RLNG) demand for the next 12 months and financial loss of billions of rupees caused to the national exchequer on account of demurrages. The meeting of the Cabinet Committee on Energy (CCoE) to be chaired by the Federal Minister for Petroleum Ghulam Sarwar Khan will discuss 10 point agenda pertaining to the LNG, detailes of generation plants, comparison of energy cost fuel and SNGPL contract with PLL.
Development of SME sector govt’s top priority: Governor
Punjab Governor Chaudhry Sarwar has stated that development of SME sector is the top priority of present government for creating employment and curbing poverty in the country. He was delivering inaugural speech at 3rd SME Conference organized by the Small and Medium Enterprises Development Authority (Smeda) in collaboration with University of Management and Technology (UMT) at Alhamra Hall.
LCCI asks LDA to review its water bills decision
The Lahore Chamber of Commerce & Industry has urged the Lahore Development Authority and the Water and Sanitation Agency (Wasa) to review the decision to fix water charges on monthly basis for industrial sector. The demand was raised by LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Fahim-ur-Rehman Saigal while talking to a group of industrialists here at the Lahore Chamber of Commerce & Industry.
Govt to waive penalty imposed on late filing of tax returns, state minister for revenue says
The government on Tuesday said it has decided to close a mandatory audit and waive a Rs20,000 penalty imposed on citizens who recently filed returns for tax years preceding 2017-18. The Federal Board of Revenue had on Nov 14 issued audit notices to over a million late filers who had submitted returns for tax years 2015, 2016 and 2017. They were asked to pay a Rs20,000 penalty or higher taxes for automatic closure of audit proceedings.
Asian shares dithered on Wednesday and the dollar jumped to a near 1-1/2-year top as risk assets rowed back amid conflicting signals on prospects for de-escalating the Sino-U.S. trade dispute. MSCI’s broadest index of Asia-Pacific shares outside Japan see-sawed between positive and negative territory and last was flat. Australian and South Korean stocks were both down 0.2 percent. Japan’s Nikkei gained 0.7 percent. Chinese indices shed small early gains. The blue-chip index was flat.MSCI’s broadest index of Asia-Pacific shares outside Japan see-sawed between positive and negative territory and last was flat. Australian and South Korean stocks were both down 0.2 percent. Japan’s Nikkei gained 0.7 percent. Chinese indices shed small early gains. The blue-chip index was flat.
The Cabinet Committee on Energy (CCoE) will today (Wednesday) discuss the Re-gasified Liquefied Natural Gas (RLNG) demand for the next 12 months and financial loss of billions of rupees caused to the national exchequer on account of demurrages. The meeting of the Cabinet Committee on Energy (CCoE) to be chaired by the Federal Minister for Petroleum Ghulam Sarwar Khan will discuss 10 point agenda pertaining to the LNG, detailes of generation plants, comparison of energy cost fuel and SNGPL contract with PLL.
Punjab Governor Chaudhry Sarwar has stated that development of SME sector is the top priority of present government for creating employment and curbing poverty in the country. He was delivering inaugural speech at 3rd SME Conference organized by the Small and Medium Enterprises Development Authority (Smeda) in collaboration with University of Management and Technology (UMT) at Alhamra Hall.
The Lahore Chamber of Commerce & Industry has urged the Lahore Development Authority and the Water and Sanitation Agency (Wasa) to review the decision to fix water charges on monthly basis for industrial sector. The demand was raised by LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Fahim-ur-Rehman Saigal while talking to a group of industrialists here at the Lahore Chamber of Commerce & Industry.
The government on Tuesday said it has decided to close a mandatory audit and waive a Rs20,000 penalty imposed on citizens who recently filed returns for tax years preceding 2017-18. The Federal Board of Revenue had on Nov 14 issued audit notices to over a million late filers who had submitted returns for tax years 2015, 2016 and 2017. They were asked to pay a Rs20,000 penalty or higher taxes for automatic closure of audit proceedings.
Market is expected to remain volatile during current trading session therefore it's recommended to stay cautious while trading
Technical Analysis
The Benchmark KSE100 Index have bounced back after getting support from major supportive region of 40,500 points during last trading session and have created a hammer on daily chart, it seems that a battle is going on between bulls and bears since last three trading sessions and index is showing a volatile situation instead of taking a bearish or bullish direction therefore it’s recommended to stay side line during current trading session instead of initiating new positions during current trading session. Daily momentum indicators are trying to generate bullish crossovers while weekly momentum is still bearish and hourly momentum is in continuation mode towards 41,000 points. It would be better to wait for breakout of either 41,260 or 40,500 points before initiating new positions.
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