PSX Daily Market Review - 31st Oct 2018

Trading volume at PSX floor dropped by 133.26 million shares or 28.90% on DoD basis, whereas the Benchmark KSE100 index opened at 41,648.88 posted a day high of 41,792.81 and day low of 41,366.58 points while the session suspended at 41,609.03 with net change of 155.27 points and net trading volume of 220.16 million shares. Daily trading volume of KSE100 listed companies dropped by 58.93 million shares or 51.11% on DoD basis.
Foreign Investors remained in net buying position of 3.77 million shares and net value of Foreign Inflow increased by 1.44 million US Dollars. Categorically, Foreign Individuals remained in net selling positions of 0.02 million shares but Foreign Corporate and Overseas Pakistanis investors remained in net buying positions of 3.71 and 0.08 million shares. While on the other side Local Individuals and NBFCs remained in net buying positions of 19.32 and 1.79 million shares but Local Companies, Banks, Mutual Fund, Brokers and Insurance Companies remained in net selling positions of 4.78, 4.54, 0.24, 7.54 and 5.93 million shares respectively.

Asia stocks crawl up after a merciless October for global equities
Asian stocks pulled away from 20-month lows on Wednesday, thanks to a rebound on Wall Street, although investors remained cautious after an October month that saw sharp downturns across global equity markets. A confluence of factors from Sino-U.S. trade tensions to worries about U.S. corporate earnings to the end of easy money in development economies have spurred volatility in financial markets in the past few weeks. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.75 percent, but it was still on track to fall roughly 11 percent this month.
PTBC delegation calls on president
A delegation of Pakistan-Turkey Business Council Tuesday called on President Dr Arif Alvi in Ankara, Turkey. The delegation comprised businessmen and investors who had been doing business in Pakistan, a press release said. During the meeting, the president said Pakistan had been the most suitable country for investment and assured all possible facilities to the investors. The delegation expressed its satisfaction over the investment sector in Pakistan and the facilities being extended to them.
19.4m metric tons wheat target fixed for Punjab
The agriculture department Punjab has set a target of 19.4 million metric tons for wheat production in the province. Spokesman of agriculture department said here on Tuesday that a target of 19.4 million tons had been fixed for wheat production, adding that 16.7 million acres of land would be brought under wheat cultivation across the province in this connection.
Ogra recommends Rs13.4 per litre hike in HSD price
The Oil and Gas Regulatory Authority (Ogra) Tuesday recommended an increase of Rs 9.20 per litre in motor spirit (petrol) price and Rs 13.40 per litre in high speed diesel (HSD) rate for November 2018. In a summary forwarded to Petroleum Division and Ministry of Finance, the Ogra has recommended upward revision in the prices almost all the petroleum products, sources said. For the month of November, OGRA has also proposed an increase of Rs 6.47 per litre or 7.75 percent in the price of super kerosene oil (SKO) and Rs 6.48 per litre or 8.53 percent in the price of light diesel oil (LDO).The regulator has recommended an increase of Rs 9.20 per litre or 9.91 percent in the price of petrol and Rs 13.40 per litre or 12.57 percent in the price of HSD.
Sugar mills must clear dues to be eligible for exports, says SBP
The State Bank of Pakistan (SBP) has asked sugar mills to clear dues of cane growers and begin crushing from November to become eligible for exporting the commodity. Endorsing government’s decision to allow sugar exports, the central bank on Tuesday attached a number of conditions on exporters and advised banks to ensure full compliance. The Ministry of Commerce has allowed sugar exports of one million tonnes.

The Benchmark KSE100 Index has reachedbreached 61.8% correction oo its weekly move. Technically it is about to face resistance from crossover of a descending trend line along with a horizontal resistant line. As of now bears would have their last hope standing at 41,500 points and 42,300 points because closing above these regions would change market sentiment for short term basis in bullish direction. It’s recommended to post stop loss to any short positions at 41,500 points on closing basis and for new entries either wait for closing above 41,500 or initiate short positions on spike with strict stop loss of 42,230 points. After a clear breakout of 41,500 index would try to target 42,300 and 43,011 points in coming days. While on flipside index would find supports around 40,400 and 39,400 points.