PSX Daily Market Review - 4th June 2018

Trading volume at PSX floor dropped by 83.39 million shares or 58.47% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 42,780.91, posted a day high of 42,969.38 and a day low of 42,749.42 during last trading session. The session suspended at 42,912.81 with net change of 66.17 and net trading volume of 38.55 million shares. Daily trading volume of KSE100 listed companies dropped by 60.33 million shares or 61.02% on DoD basis.
Foreign Investors remained in net selling position of 0.04 million shares but net value of Foreign Inflow increased by 0.07 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net buying positions of 0.02 and 0.55 million shares but Foreign Corporate investors remained in net selling positions of 0.61 million shares. While on the other side Local Companies, NBFCs and Insurance Companies remained in net buying positions of 0.88, 0.01 and 10.93 million shares but Local Individuals, Banks, Mutual Fund and Brokers remained in net selling positions of 0.09, 11.15, 0.36 and 0.33 million shares respectively.

Asian shares gain as upbeat U.S. jobs data offsets trade worries
Asian shares edged up on Monday as strong U.S. jobs data offset worries that tariff wars between the United States and the rest of the world could drag global economic growth lower. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent while Japan’s Nikkei rose 1.0 percent. On Wall Street on Friday, U.S. tech shares soared, pushing up the Nasdaq Composite 1.51 percent to 7,554, near its record closing high of 7,588 marked in March. In contrast, S&P 500, which rose 1.08 percent on Friday, was still about 140 points off its record peak of 2,872 set in January as concerns about trade frictions curtailed many other shares, including industrials. Finance leaders of the closest U.S. allies vented anger over the Trump administration’s metal import tariffs on Saturday, setting up a heated fight at a G7 summit next week in Quebec.
Paddy crop to cover 4.4m acres in Punjab
Over 4.445 million acres of land will be brought under paddy crop during Kharif season in various rice growing areas of Punjab. Sources from agriculture department told APP on Sunday that Paddy would be sown over 3.80 lakh acres of land would be brought under paddy crop in Sialkot district. Paddy will be cultivated 95,000 acres in Sialkot tehsil, 82,000 acres in Daska, 47,000 in Sambrial and 1.8 lakh acres of land in tehsil Pasrur, sources added. Department had deputed training teams which are visiting village to village for providing proper guidance and assistance about the use of inputs, nursery sowing and transfer of plants into fields to the rice growers in the Punjab.
CAA DG for facilitating passengers at IIA
Civil Aviation Authority (CAA) Director General Hassan Baig on Sunday directed the authorities concerned of Islamabad International Airport (IIA) to make all out efforts to facilitate the passengers at any cost. During his visit to new airport of Islamabad after assuming the charge as Director General, Civil Aviation Authority (CAA) he inspected different areas and facilities of Airport, a press release said. He said that cleanliness of all areas of airport should be ensured at any cost. He also emphasized that Airport management should facilitate and help the passengers. He underlined the need for the establishment of more help desks at new airport of federal capital.
Agriculture expo from 23th
Punjab Agriculture Department will host a two-day International Agri-Expo-2018 starting from June 23 to 24, 2018 at Lahore Expo Centre. Punjab Agriculture Department (PAD) sources told APP on Sunday the expo would help provide an opportunity to international stakeholders to develop their export of agricultural products in Pakistan. The sources said that expo would be an ultimate opportunity for growers, processors and exporters to develop national as well as international linkages.–APP He said that through the exhibition, the department would promote Pakistan as a land of investment and opportunities for growth of agricultural trade in domestic and international markets. Punjab Agriculture Department with the help of government is fully committed to facilitate foreign investors with provision of technical services, they added.
FBR to start automatic sharing of data with OECD from September
Pakistan has officially decided to share financial information about bank accounts of non-residents on reciprocal basis under a multilateral tax convention with the Organisation for Economic Cooperation and Development (OECD) nations. The sharing of information will start from September 2018 after installation of required hardware and software at the Federal Board of Revenue (FBR) and other dedicated units. The decision for automatic exchange of information was taken after satisfactory clearance from the officials of OECD who recently visited the FBR for a detailed review.

The Benchmark KSE100 Index is trying to penetrate its major resistant region of 42.860 since last four trading session after creating a morning shooting star on daily chart. Current trading session is very important being last trading day of weekly because today’s closing above 43,018 would strengthen a morning star on weekly chart as well. But this weekly shooting star would not help bulls as much as it would be expected by bulls because index have created an evening star on monthly chart after completing its monthly 61.8% bearish correction. For current trading session index have supports around 42,560 and 41,850 points while resistant regions are standing at 43,018 and 43,330 points. It’s not recommended to initiate new buying until index close above 43,330 points on daily basis. On intraday basis it’s expected that after a spike index could start reversal therefore it’s recommended to trade with strict stop loss