PSX Daily Market Review - 30th Jan 2019

Trading volume at PSX floor increased by 28.73 million shares or 22.80% on DoD basis, whereas the benchmark KSE100 index opened at 40,421.95, posted a day high of 40,647.97 and a day low of 40,307.23 points during last trading session while session suspended at 40,624.39 with net change of 204.30 points and net trading volume of 73.70 million shares. Daily trading volume of KSE100 listed companies increased by 5.69 million shares or 8.36% on DoD basis.
Foreign Investors remained in net buying positions of 0.41 million shares and net value of Foreign Inflow increased by 1.47 million shares. Categorically, Foreign Corporate remained in net buying positions of 0.88 million shares but Foreign Individuals and Overseas Pakistanis investors remained in net selling positions of 0.03 and 0.43 million shares respectively. While on the other side Local Individuals, Local Companies, NBFCs and Insurance Companies remained in net selling positions of 4.19, 0.18, 0.28 and 1.21 million shares respectively but Banks, Mutual Fund and Brokers remained in net buying positions of 1.20, 0.29 and 4.19 million shares respectively.

Asian shares inch up after Apple earnings, CEO comments
U.S. stock futures and Asian equities eked out modest gains on Wednesday as investors seized on Apple Inc’s earnings and comments from its chief that U.S.-China trade tensions were easing, sending the iPhone maker’s shares soaring in after-hours trade. Sterling smarted from a 0.7 percent fall the previous day after British lawmakers rejected most amendments that sought to avoid Britain leaving the European Union without a deal, reviving worries of a chaotic withdrawal from the European Union. S&P 500 e-mini futures tacked on 0.1 percent in early trade while MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.05 percent Japan’s Nikkei rose 0.2 percent before erasing gains.
ECC okays launching of Rs200b Islamic Sukuk bond
The Economic Coordination Committee has approved to launch Islamic Sukuk bond amounting to Rs 200 billion for payment of circular debt. Its meeting chaired by Finance Minister Asad Umar was held in Islamabad on Tuesday. According to a press statement issued after the meeting, the ECC approved Ministry of National Food Security's proposal for allowing the export of 0.5 million tons of surplus wheat/ wheat products by PASSCO for which it had received tenders.
Minister vows to speed up industrialisation under CPEC
Minister for Planning, Development and Reforms, Makhdum Khusro Bakhtyar Tuesday said that all-out efforts were being made to speed up industrialization under China Pakistan Economic Corridor. In a meeting with Chairman Board of Investment (BoI) Haroon Sharif here, the minister said that as per vision of the Prime Minister, industrialization was a key target for CPEC short to medium term phase. A roadmap for industrial cooperation be finalized with a focus to attract maximum foreign direct investment in Pakistan, he desired.
Minister lauds telecom sector’s contributions
Federal Minister for Information Technology and Telecommunication Dr Khalid Maqbool Siddiqui has said that the telecom sector contributed a lot in leveraging unlimited connectivity and bringing fast mobile internet to the country. The federal minister was addressing the ceremony of ZonG (China Mobile Pakistan) celebrating ten years in Pakistan. He said that over the last decade, the IT and telecommunication sector in Pakistan evolved impressively.
USAID-funded PATTA signs MoU with 16 agribusinesses
Determined to expand technical assistance to at least 30 private sector agricultural technologies’ companies, the four-year USAID-funded Pakistan Agricultural Technology Transfer Activity (PATTA) will work in tandem with its partners to introduce 500 commercialized technologies to an estimated 122,500 farmers across Pakistan. During the signing ceremony in Lahore, Chief of Party PATTA, Dr Daney Jackson stated, “These multi-sectoral partnerships are critical for improving the investment climate and enhancing Pakistan’s agricultural productivity. We are committed to empowering the private sector by providing production, marketing and linkages support to private sector entrepreneurs in dairy, livestock and horticulture.”

The Benchmark KSE100 Index have succeeded in penetration above 40,500 points after a long struggle and close at 40,624 points during last trading session but chances of cheat pattern are still intact because index have strong resistant region of 40,760 points ahead which fall on horizontal resistance, also index is being capped by a descending trend line of its bearish channel and said trend line would try to cap index at 40,920 points during current trading session. Index have only two days to set its next trend as this weekly closing will decide either index is going to hit 41,800 or 39,500 points. Short term trend would remain bearish until index close above 40,800 points on weekly chart and this sentiment would create volatility during current trading session. It’s recommended to trade selective items with strict stop loss on both sides until index set its clear direction.