Previous Session Recap
Trading volume at PSX floor dropped by 66.27 million shares or 22.34% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 45,483.29, posted a day high of 45,604.59 and a day low of 45,391.71 during last trading session. The session suspended at 45,560.30 with net change of 70.68 and net trading volume of 109.22 million shares. Daily trading volume of KSE100 listed companies dropped by 53.81 million shares or 33.01% on DoD basis.
Foreign Investors remained in net selling position of 5.09 million shares and net value of Foreign Inflow dropped by 1.39 million US Dollars. Categorically, Foreign Individuals remained in net buying position of 0.02 million shares but Foreign Corporate and Overseas Pakistanis remained in net selling positions of 1.09 and 4.01 million shares. While on the other side Local Individuals, Banks, Mutual Funds and Brokers remained in net buying positions of 5.31, 7.86, 6.81 and 1.84 million shares but Local Companies, NBFCs and Insurance Companies remained in net selling positions of 8.93, 0.14 and 3.64 million shares respectively.
Analytical Review
Asia stocks start new quarter on front foot, dollar steady
Asian stocks began the new quarter on Monday with mild gains following a strong performance by global equities last week, while the dollar held steady ahead of key economic indicators. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent. South Korea’s KOSPI gained 0.6 percent and Japan’s Nikkei advanced 0.55 percent. Hong Kong’s Hang Seng added 0.25 percent and Shanghai was up 0.4 percent. Wall Street surged last Thursday as technology stocks rebounded, ending a tumultuous first quarter on a high note. Many major financial centers were closed for the Good Friday Easter holiday. MSCI’s world equity index ended up 1.2 percent last week. But it lost about 1.5 percent in the first quarter.
Honda increases bike prices
Atlas Honda Limited (AHL) has increased bike prices by Rs500-3,000 due to devaluation of the rupee against the dollar despite achieving over 90 per cent localisation. The company increased the price of CD-70 after a gap of three years by Rs500 to Rs64,000. The new price of CD-70 Dream and Pridor is now fixed at Rs68,500 and Rs88,000, up Rs1,000 while the price of CG-125 has been raised by Rs1,500 to Rs 109,000. CG-125 Delux and CB-150 will now cost Rs129,500 and Rs165,000 from April 2, 2018 after a jump of Rs 3,000 per bike. Surprisingly, Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) on its website claimed that 92pc localisation has been achieved for bikes.
Pakistan Railways cuts long-distance fares by 10pc
The Pakistan Railways on the directive of Federal Minister for Railways Khawaja Saad Rafique have announced a reduction of over 10 percent in the long-distance rail fares for the passengers of Rawalpindi to Karachi. Divisional Commercial Officer (DCO) Pakistan Railways, Rawalpindi Raza Habib talking to APP informed that in order to facilitate the rail passengers, Pakistan Railways have reduced Rs 600 from Rs 5990 to new fare Rs 5390 for the passengers to travel from Margala to Karachi Cantonment. Similarly, the rail passengers of Rawalpindi to Karachi cantonment to pay Rs 5390 instead of Rs5990 old fare. He further informed that due to enhanced security measures, quality service and punctuality, the rail passengers are increasing day by day and over 42,56,318 passengers traveled through the rail service during 2017 from Rawalpindi Division. The division earned Rs1864.213 million last year, he added.
Seafood exports reach $264m in eight months
The exports of fish and fish preparations from the country have witnessed 10.18 per cent increase during first eight months of 2017-18, fetching $264.18 million precious foreign exchange during the period. During the period July-February 2017-18, the country exported about 108,262 metric tons of fish and fish preparations as compared to exports of 89,032 metric tons, valuing of $239 million during same period last year, a data of Pakistan Bureau of Statistics showed. Overall food group exports from the country during the period under review witnessed growth of 21 per cent as food commodities worth $2.842 billion were exported during July-February (2017-18) against exports of $2.334 billion during July-February (2016-17).
Rice export surges 22.14pc in 8 months
The export of rice from the country surged by 22.14 percent during first eight months (July-February) of current fiscal year as compared to same period of last year. According to details, the rice export jumped to $1.262 billion in July-February (2017-18) as against the export worth $1.003 billion in same period of the preceding year. In terms of quantity, the rice export increased to 2.67 million metric ton from 2.334 million MT in July-February (2016-17), showing an increase of 11.48 percent, according to a latest data released by Pakistan Bureau of Statistics (PBS). On yearly basis, the rice export also increased by 24.24 percent as it rose to $194.342 million in February 2018 from $156.43 million in same month of the year 2017. On month-on-month basis, the exports however witnessed a decrease of 10.8 percent as the exports during January, 2018 were recorded at $217.9 million. The overall food group export also witnessed an increase of 21.7 percent during July-February (2017-18) as compared to same period of last year.
Market is expected to remain volatile therfore its recommended to stay cautious while trading today.
Asian stocks began the new quarter on Monday with mild gains following a strong performance by global equities last week, while the dollar held steady ahead of key economic indicators. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent. South Korea’s KOSPI gained 0.6 percent and Japan’s Nikkei advanced 0.55 percent. Hong Kong’s Hang Seng added 0.25 percent and Shanghai was up 0.4 percent. Wall Street surged last Thursday as technology stocks rebounded, ending a tumultuous first quarter on a high note. Many major financial centers were closed for the Good Friday Easter holiday. MSCI’s world equity index ended up 1.2 percent last week. But it lost about 1.5 percent in the first quarter.
Atlas Honda Limited (AHL) has increased bike prices by Rs500-3,000 due to devaluation of the rupee against the dollar despite achieving over 90 per cent localisation. The company increased the price of CD-70 after a gap of three years by Rs500 to Rs64,000. The new price of CD-70 Dream and Pridor is now fixed at Rs68,500 and Rs88,000, up Rs1,000 while the price of CG-125 has been raised by Rs1,500 to Rs 109,000. CG-125 Delux and CB-150 will now cost Rs129,500 and Rs165,000 from April 2, 2018 after a jump of Rs 3,000 per bike. Surprisingly, Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) on its website claimed that 92pc localisation has been achieved for bikes.
The Pakistan Railways on the directive of Federal Minister for Railways Khawaja Saad Rafique have announced a reduction of over 10 percent in the long-distance rail fares for the passengers of Rawalpindi to Karachi. Divisional Commercial Officer (DCO) Pakistan Railways, Rawalpindi Raza Habib talking to APP informed that in order to facilitate the rail passengers, Pakistan Railways have reduced Rs 600 from Rs 5990 to new fare Rs 5390 for the passengers to travel from Margala to Karachi Cantonment. Similarly, the rail passengers of Rawalpindi to Karachi cantonment to pay Rs 5390 instead of Rs5990 old fare. He further informed that due to enhanced security measures, quality service and punctuality, the rail passengers are increasing day by day and over 42,56,318 passengers traveled through the rail service during 2017 from Rawalpindi Division. The division earned Rs1864.213 million last year, he added.
The exports of fish and fish preparations from the country have witnessed 10.18 per cent increase during first eight months of 2017-18, fetching $264.18 million precious foreign exchange during the period. During the period July-February 2017-18, the country exported about 108,262 metric tons of fish and fish preparations as compared to exports of 89,032 metric tons, valuing of $239 million during same period last year, a data of Pakistan Bureau of Statistics showed. Overall food group exports from the country during the period under review witnessed growth of 21 per cent as food commodities worth $2.842 billion were exported during July-February (2017-18) against exports of $2.334 billion during July-February (2016-17).
The export of rice from the country surged by 22.14 percent during first eight months (July-February) of current fiscal year as compared to same period of last year. According to details, the rice export jumped to $1.262 billion in July-February (2017-18) as against the export worth $1.003 billion in same period of the preceding year. In terms of quantity, the rice export increased to 2.67 million metric ton from 2.334 million MT in July-February (2016-17), showing an increase of 11.48 percent, according to a latest data released by Pakistan Bureau of Statistics (PBS). On yearly basis, the rice export also increased by 24.24 percent as it rose to $194.342 million in February 2018 from $156.43 million in same month of the year 2017. On month-on-month basis, the exports however witnessed a decrease of 10.8 percent as the exports during January, 2018 were recorded at $217.9 million. The overall food group export also witnessed an increase of 21.7 percent during July-February (2017-18) as compared to same period of last year.
Technical Analysis
The Benchmark KSE100 Index have completed expansion of its daily triangle and have tested resistant trend line of its daily downward trend channel, on weekly chart it is also being capped by a resistant trend line now. Weekly double top is also formed and now index would try to start a correction before posting high of 46,140 because that level is also falling at a very strong resistant region on weekly chart. Its recommended to start selling on strength with strict stop loss of 46,140 in coming days as index seems to enter into a distribution phase again which would lead index towards 44,900 and 44,300 points on short term basis.
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