PSX Daily Market Review - 30th March 2020

Trading volume at PSX floor dropped by 17.31 million shares or 9.27% on DoD basis, whereas the benchmark KSE100 index opened at 27,267.20, posted a day high of 28,273.09 and a day low of 27,156.53 points during last trading session while session suspended at 28,109.57 points with net change of 842.37 points and net trading volume of 141.97 million shares. Daily trading volume of KSE100 listed companies also dropped by 15.47 million shares or 9.83% on DoD basis.
Foreign Investors remained in net selling positions of 1.84 million shares and value of Foreign Inflow dropped by 2.49 million US Dollars. Categorically, Foreign Individuals and Corporate remained in net selling positions of 0.02 and 4.42 million shares respectively but Overseas Pakistani remained in net long positions of 2.60 million shares respectively. While on the other side Local Individuals, Banks, NBFCs, Mutual Fund, Brokers and Insurance Companies remained in net long positions of 24.43, 1.23, 0.025, 1.50, 4.01 and 1.17 million shares but Local Companies remained in net selling positions of 31.15 million shares respectively.

Asia shares suffer virus chills, central banks offer what they can
Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks’ best efforts.“We continue to mark down 1H20 global GDP forecasts as our assessment of both the global pandemic’s reach and the damage related to necessary containment policies has increased,” said JPMorgan economist Bruce Kasman. They now predict global GDP could fall at a 10.5% annualized rate in the first half of the year.
Special ECC meeting to clear Centre’s relief package today
The government has called a special meeting of the Economic Coordination Committee (ECC) of the Cabinet on Monday (today) to clear the relief package announced by Prime Minister Imran Khan last week to minimise the adverse impact of the coronavirus outbreak on the country’s poor people and economy. A senior government official told Dawn that the meeting of the ECC had been called with a single-point agenda of relief package that involved an additional fiscal impact of close to Rs550 billion on the federal budget. The meeting will be presided over by Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh.
PM orders opening of all highways for goods supply
Prime Minister Imran Khan on Sunday ordered removing all hurdles in the way of transportation of goods and opening all national highways to ensure smooth and adequate supply of food items from farms/factories to markets amid “panic buying” due to deadly coronavirus scare. He reiterated his commitment to providing ration at the doorsteps of the poor and daily wage earners — who are said to be the worst-affected segments of population during the countrywide lockdown enforced to prevent the spread of Covid-19 — through a force of young volunteers he is going to formally form on Monday (today). Mr Khan issued the directives while presiding over a meeting of the ruling Pakistan Tehreek-i-Insaf’s (PTI) core committee at the Prime Minister House.
GP allocates Rs50m for coronavirus relief activities
General Petroleum, a manufacturing company of automotive, industrial and marine lubricants, has allocated Rs50 million to support the underprivileged families of Pakistan restricted and affected by the outbreak of coronavirus in the country. The company will be spending this amount mainly by providing ration supplies and some essential deterrent healthcare products towards coronavirus, at the doorsteps of the needy families across Pakistan. The management of the GP has stressed upon all the wealthy individuals and companies to realize the urgency of the matter and come forward and help their deprived countrymen in this critical juncture. In addition to the aforementioned, the company would also contribute towards those neglected areas as well indicated by other philanthropists.
Trump seeks to force General Motors to produce ventilators
President Donald Trump issued an order last week that seeks to force General Motors (GM) to produce ventilators for coronavirus patients under the Defense Production Act. Trump said negotiations with General Motors had been productive, but our fight against the virus is too urgent to allow the give-and-take of the contracting process to continue to run its normal course. Trump, who had previously been reluctant to use the act to force businesses to contribute to the coronavirus fight, said GM was wasting time and that his actions will help ensure the quick production of ventilators that will save American lives.