PSX Daily Market Review - 3rd Aug 2018

Trading volume at PSX floor increased by 6.11 million shares or 2.19% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 42,936.70, posted a day high of 42,975.98 and a day low of 42,294.10 during last trading session. The session suspended at 42,330.32 with net change of -479.72 and net trading volume of 170.12 million shares. Daily trading volume of KSE100 listed companies increased by 46.46 million shares or 37.57% on DoD basis.
Foreign Investors remained in net buying position of 1.56 million shares but net value of Foreign Inflow dropped by 1.93 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net buying positions of 0.08 and 3.38 million shares but Foreign Corporate investors remained in net selling positions of 1.90 million shares. While on the other side Local Individuals and Insurance Companies remained in net buying positions of 8.24 and 1.89 million shares but Local Companies, Banks, NBFCs, Mutual Fund and Brokers remained in net selling positions of 1.37, 1.93, 0.55, 4.56 and 3.92 million shares respectively.

Asia stocks capped, dollar at two-week high as trade war dents confidence
Asian stocks inched on Friday following a tech-led rise on Wall Street, although the latest exchange of trade threats between Beijing and Washington capped gains and drove safehaven flows to the dollar, which hovered near a two-week high. Investors also remain cautious ahead of the July U.S. jobs report due later on Friday, which will give a reading on the health of the world’s largest economy and possible clues about the pace of Federal Reserve interest rate rises. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.05 percent. The index was down more than 0.6 percent for the week on U.S.-China trade tensions. The trade war between the world’s top two economies intensified midweek after U.S. President Donald Trump raised pressure on China by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.
KP food authority confiscates 300 chickens
Khyber-Pakhtunkhwa Food Safety and Halal Food Authority on Thursday conducted an operation inside Gad Mandi at Chargano Chowk where a vehicle carrying 300 infected chickens was confiscated. According to details, information was shared with complaint management cell upon which KP Food Authority Assistant Director Aneela Mahboob conducted a raid and seized the vehicle. According to Director Technical Dr Syed Abdul Sattar Shah, seized chickens were not in healthy condition. –Staff Reporter Another raid was conducted where cottage industry of Nimko was raided at Jhagrha area of Peshawar and 1,500 kilogrammes of substandard Nimko and 30 kilogrammes of non-food grade colours were seized and discarded while the factory was sealed till further compliance.
MPs want Lakhra power plant to be operational
Senate Standing Committee on Power on Thursday asked the Ministry of Power to submit comprehensive and complete feasibility report of Lakhra power plant rehabilitation plan. "We want this power plant should be operational as this is the asset of the State and providing employment to hundreds of people," said Senator Moula Bux Chandio. The meeting was chaired by Senator Fida Muhammad and discussed implementation status of the recommendation of the committee made during its last session, matter of load shedding in the industrial area of Sanghar, structure and performance of NESPAK and performance of PESCO, SEPCO and QESCO also came under discussion.
Traders want to expand trade with China
A delegation from Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) is leaving for China on this Saturday, 4th August 2018 with the vision of reviving joint business activities between Pakistan and China. S.M Naveed, President PCJCCI, will be leading the delegation which includes members of executive committee as well. S.M. Naveed, President PCJCCI while commenting on the visit in a press statement today said that PCJCCI had taken this initiative for the expansion of trade between Pakistan and China.
LPG price raised by Rs 7
The Oil Gas Regulatory Authority (OGRA) increased on Thursday the price of Liquefied Petroleum Gas (LPG) by Rs7. According to a notification by OGRA, LPG will now be available for Rs 133 per kilogramme. OGRA has also stated that the rates for domestic gas cylinders have been increased by Rs 86 and those of commercial cylinders by Rs 329, after which the cylinders will be sold for Rs 1,565 and Rs 6,021, respectively. On August 1, the Finance Ministry announced via a notification that prices of petroleum products are to be maintained at the existing levels for August.

The Benchmark KSE100 Index had completed 38% correction of its last bullish rally and right now it’s heading towards 50% correction of said bullish rally. Daily Stochastic have turned to bearish direction while MAORSI is ready for a bearish crossover and it would succeed if index would close below 42,030 points on daily basis. As of now index have only two hopes for bulls the one at 41,800 and second one at 41,340 points if index would survive to close above these regions then chances of recovery would remain intact but if index would slide below 41,800 points to cover its gap on daily chart then recovery would become difficult and index would start a new bearish rally which may would lead for a new low in coming days. Being last day of the weak today’s closing is very important for index. It’s recommended to wait for today’s closing before initiating new long-term and mid-term trades.