PSX Daily Market Review - 29th Nov 2018

Trading volume at PSX floor dropped by 8.21 million shares or 6.21% on DoD basis whereas the Benchmark KSE100 index opened at 40,944.66, posted a day high of 41,081.23 and day low of 40,653.71 during last trading session while session suspended at 40,704.80 with net change of -189.42 points and net trading volume of 76.39 million shares. Daily trading volume of KSE100 listed companies increased by 5.68 million shares or 8.04% on DoD basis.
Foreign Investors remained in net selling position of 15.22 million shares and net value of Foreign Inflow dropped by 9.95 million US Dollars. Categorically, Foreign Individuals and Foreign Corporate investors remained in net selling position of 0.08 and 15.14 million shares. While on the other side Local Individuals, Local Companies, Banks, NBFCs, Mutual Fund and Insurance Companies remained in net buying positions of 6.06, 1.00, 2.09, 0.27, 3.58 and 3.92 million shares respectively, but Brokers remained in net selling positions of 1.32 million shares respectively.

Asia stocks advance, dollar struggles on signs of more cautious Fed
Asian stocks advanced on Thursday, tracking a surge on Wall Street, after the chairman of the U.S. Federal Reserve suggested it may nearing an end to its three-year rate tightening cycle, boosting interest in riskier assets. The dollar struggled and U.S. Treasury yields dipped after Jerome Powell said on Wednesday that U.S. policy rates were “just below” neutral, less than two months after saying rates were probably “a long way” from that point. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 percent. The Shanghai Composite Index edged up 0.2 percent, Australian stocks gained 0.5 percent and Japan’s Nikkei climbed 0.9 percent.
WB-Nepra business talks today
Talks between the World Bank and National Electric Power Regulatory Authority (Nepra) will be held here today (Thursday) to develop short- and long-term reform recommendations for improving the regulatory environment for business. A fact-finding mission of the World Bank is currently on 10-day visit to Pakistan from November 27 till December 7 wherein it will hold meetings with 24 different federal and provincial organisations, regulatory bodies and private companies. The meetings will take place in Islamabad, Lahore and Karachi.
CCoE for policy to import RLNG
Cabinet Committee on Energy (CCoE) Wednesday decided to devise a policy for import and consumption of Re-Gasified Liquefied Natural Gas (RLNG) in the country. The first ever meeting of the CCoE was presided over by Minister for Petroleum Ghulam Sawrar Khan directed Petroleum and Power divisions to workout the policy. The minister welcomed members of the committee and underlined the need for joint efforts to work for the progress, prosperity and development.
PIA to get four new aircraft
PIA President & CEO Air Marshal Arshad Malik has said that PIA was planning to induct four new aircrafts in its fleet. He expressed these views while addressing PIA employees at the airline’s head office on Wednesday. He said, “We have already started the fleet enhancement plan and soon PIA will expand its network and increase its access the world over.” He said since he joined PIA his objective is to make it the leading airline with collective wisdom and efforts. He said he was very hopeful of better results as the airline has great potential to rise.
China's Xi vows to better protect intellectual property
China's President Xi Jinping told Spanish lawmakers on Wednesday his country would boost protection of intellectual property ahead of a G20 meeting where he faces a trade showdown with the United States. Xi is due to meet his US counterpart Donald Trump at the gathering in Argentina this week, with Washington threatening to ramp up a trade war with Beijing if it doesn't allay US concerns over intellectual property theft and China's forced technology transfers.

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.