PSX Daily Market Review - 3rd April 2019

Trading volume at PSX floor increased by 78.70 million shares or 119.50% on DoD basis, whereas the benchmark KSE100 index opened at 38,423.14, posted a day high of 38,557.74 and a day low of 38,932.29 points during last trading session while session suspended at 38,036.03 with net change of -318.82 points and net trading volume of 65.29 million shares. Daily trading volume of KSE100 listed companies increased by 25.60 million shares or 64.48% on DoD basis.
Foreign Investors remained in net selling positions of 6.13 million shares and net value of foreign inflow dropped by 1.03 US Dollars. Categorically, Foreign Corporate and Overseas Pakistanis investors remained in net selling positions of 1.86 and 4.37 million shares. While on the other side Local Individuals and Banks remained in net buying positions of 11.00 and 4.17 million shares respectively but Local Companies, NBFCs, Mutual Fund, Brokers and Insurance Companies remained in net selling positions of 3.10, 0.03, 2.77, 1.81 and 0.87 million shares respectively.

Asian shares rise to new seven-month high, oil closes in on $70
Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in U.S.-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.65 percent shortly after markets in China opened, touching its highest level since late August. The index has risen nearly 3 percent since Thursday following reports of trade talk progress between the United States and China, as well as reassuring factory activity data from China and the U.S.
K-Electric owes Rs125b to SSGC, NTDC, MPs told
A parliamentary committee was Tuesday informed that K-Electric owes Rs 125 billion to SSGC and NTDC and the outstanding amount is the main hurdle in the selling of its shares. While briefing the Senate Standing Committee on Power, Secretary Power division Irfan Ali said that unless the issue of K-Electric’s outstanding dues is resolved the sale of K-Electric is not possible. The committee meeting was chaired by Senator Fida Muhammad. Irfan Ali said that K-Electric owes Rs 125 billion which includes Rs 90 billion of Sui Southern Gas Company (SSGC) and Rs 35 billion of National Transmission and Distribution Company (NTDC). He said that sale of K-electric is stalled mainly because of the outstanding dues. Secretary power said that they have to evolve a mechanism to resolve the issue of K-Electric outstanding dues and proposed the nomination of a retired Supreme Court judge to settle down the matter.
TAQ inaugurates modern warehouse at Port Qasim
The TAQ Organization (TAQ), one of Pakistan’s leading logistics companies, recently inaugurated their ultra-modern, state-of-the-art TAQ CFS Warehouse at North West Industrial Zone, Port Qasim, Karachi. The inauguration was attended by a large number of transportation and supply chain logistics industry professionals of Pakistan. Also among those present were senior managers of TAQ and heads of its allied companies based in the city, including its Resident Director Karachi Mustazar S. Khilji. The total area of the premises comprises 2 acres, or over 80,000 sq. ft. Among the whole spectrum of essential facilities offered at the warehouse are a dedicated power transformer, a modern firefighting system of international standard, equipped with fire alarms and generator back-up etc.
Pakistan, China agree to continue momentum on CPEC
Pakistan and China Tuesday agreed to continue momentum on the projects of China Pakistan Economic Corridor (CPEC). This agreement was made during a meeting of Minister for Planning, and Development Makhdum Khusro Bakhtyar with Chinese Ambasador in Pakistan Yao Jing who called on him here. The ambassador appreciated the government’s efforts to fast track the CPEC projects particularly the groundbreaking of western route. Minister for Planning hailed China’s support for implementation of Gwadar Airport project.
Another amnesty scheme for non-filers planned
The government is planning to introduce another amnesty scheme to provide non-filers of tax returns an opportunity to whiten their undeclared assets at home and abroad and get into the tax net, besides introducing further budgetary measures in the run-up to entering into an IMF programme. Finance Minister Asad Umar told reporters on Tuesday that details of the amnesty scheme had not yet been finalised but it would be introduced before the coming budget on the strong demand of the business community.

MLCF, DGKC, PIOC and DOL would try to lead the positive momentum while TRG, ATRL and PSO would remain in laggards on the board.

The Benchmark KSE100 Index is trying to maintain a descending trend line as a support on hourly chart which have tried to resist against bearish pressure during last trading session. As of now index have supportive regions ahead at 37,760 & 37,500 points where it would found some ground against current bearish momentum. It’s expected that index would open with a negative gap below 38,000 points and then would try to pull back before 37,760 on intraday basis because momentum indicators have generated bullish crossover on hourly chart and these would try to push index in positive direction initially. While on flip side index would face resistances at 38,500 & 38,790 points where it’s being capped by horizontal resistances.