PSX Daily Market Review - 30th Sep 2019

Trading volume at PSX floor increased by 10.69 million shares or 8.58% on DoD basis, whereas the benchmark KSE100 index opened at 31,528.13, posted a day high of 32,085.73 and a day low of 31,368.81 points during last trading session while session suspended at 32,070.81 points with net change of 636.92 points and net trading volume of 107.32 million shares. Daily trading volume of KSE100 listed companies increased by 18.62 million shares or 20.99% on DoD basis.
Foreign Investors remained in net selling positions of 1.48 million shares but net value of Foreign Inflow increased by 0.48 million US Dollars. Categorically, Foreign Individual & Corporate remained in net buying positions of 0.02 and 0.08 million shares but Overseas Pakistanis investors remained in net selling positions of 1.59 million shares. While on the other side Local Individuals and Mutual Fund remained in net selling positions of 14.35 and 2.88 million shares respectively but Local Companies, Banks, NBFCs, Brokers and Insurance Companies remained in net buying positions of 1.29, 12.89, 0.41, 4.99 and 0.29 million shares respectively.

Asian shares mostly flat, Japan hurt by Sino-U.S. tensions
Asian stock markets, including China’s, were little changed on Monday, shrugging off news that the U.S. administration is considering delisting Chinese companies from U.S. stock exchanges. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05% while China's Shanghai stock index .SSEC slipped 0.2%, barely responding to any of the concerns around the latest Sino-U.S. tensions that caused the Nasdaq index .IXIC to fall more than 1% on Friday. Risk assets took a hit in U.S. trade on Friday following news the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges. The report knocked Chinese shares listed on U.S. exchanges, with Alibaba Group Holding (BABA.N) falling 5.15% and JD.com (JD.O) 5.95% on Friday.
Textile barons complain of not getting concessions on exports
The textile industry has complained to the Prime Minister Office about ‘non-implementation’ of the export-sector support package involving subsidised gas and electricity rates and tax breaks approved by the government and called upon the federal cabinet to take up the matter at its Oct 1 meeting. In letters to various ministries and the PM Office, the All Pakistan Textile Mills Association (APTMA) called upon the federal cabinet to “review implementation status of the decisions taken by the government”. “Very painfully and regretfully we want to highlight the two decisions of the cabinet that have not been implemented and have been scuttled in a manner whereby the purpose of the policy decisions has been defeated,” wrote APTMA chairman Syed Ali Ahsan.
Sugar cane production in Sindh registers significant drop in 2018-19
Sugar cane production in Sindh recorded a significant drop in 2018-19 season from what it was in 2017-18 caused mainly by seemingly unending controversy over the issue of fixation of cane price, long delays in release of payments to growers and clearance of liabilities by factory owners. The mills crushed 15.930 million tonnes cane and produced 17.193m sugar in 2018-19 season, more than four million tonnes less than the corresponding figures of 2017-18 season, when the cane’s crushing was recorded at 21.625m tonnes and sugar’s production stood at 22.814m tonnes. However, the mills did not suffer considerably from this drop because of the sucrose recovery from the cane remained almost intact at 10.411 per cent which meant that millers got more sugar from the cane despite having lower production in outgoing season.
Punjab govt spending Rs3.7 billion on oilseed crops
Punjab Secretary Agriculture Wasif Khurshaid on Sunday said the Punjab government was spending Rs3.7 billion on promotion of oilseed crops in the province. The Punjab government had introduced various schemes to enhance oilseed crops canola, sunflowers and others. Under different schemes per acre production and cultivation area would be increased, he said while chairing a meeting. He said the government was also providing machinery on 50 per cent subsidised prices. The government wanted to reduce its expenditures on import of cooking oil and produce it locally to save foreign exchange, he added.
Int’l engineering exhibition attracted 40,000 visitors
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Senior Vice President Ahmed Hasnain on Sunday claimed that three-day International Engineering and Machinery Exhibition-2019 attracted around 40,000 trade visitors from relevant fields. Talking to media here, he said that over 250 delegates from seven countries including Belarus, China, Germany, Jordan, UAE, Japan, Austria etc participated in the exhibition in which 120 local and 130 foreign companies showcased over 200 products at 250 stalls. The recent event was jointly organised by the PCJCCI and E-commerce Gateway Pakistan (EGP) at Lahore Expo Centre, he mentioned.