PSX Daily Market Review - 6th April 2020

Trading volume at PSX floor dropped by 59.66 million shares or 19.16% on DoD basis, whereas the benchmark KSE100 index opened at 30,782.67, posted a day high of 31,817.10 and a day low of 30,782.67 points during last trading session while session suspended at 31,621.79 points with net change of 839.12 points and net trading volume of 186.50 million shares. Daily trading volume of KSE100 listed companies also dropped by 40.07 million shares or 17.69% on DoD basis.
Foreign Investors remained in net selling positions of 17.54 million shares and value of Foreign Inflow dropped by 8.68 million US Dollars. Categorically, Foreign Individuals, Corporate and Overseas Pakistani remained in net selling positions of 0.07, 15.45 and 2.02 million shares respectively. While on the other side Local Individuals, Companies and Insurance Companies remained in net long positions of 21.56, 5.70 and 4.57 million shares but Banks, NBFCs, Mutual Fund and Brokers remained in net selling positions of 0.85, 0.16, 2.06 and 9.90 million shares respectively.

Oil skids on oversupply fears, stocks jump on virus slowdown
Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. In currency markets, sterling GBP= fell after British Prime Minister was admitted to hospital following persistent coronavirus symptoms as the pandemic rapidly spreads.
Punjab govt allows reopening of some businesses
Punjab has started allowing reopening of various businesses, which had been closed for a couple of weeks under Covid-19 pandemic precautionary measures, in a bid to gradually resume routine life across the province subject to fulfilling of certain conditions. The government, through three different orders / notifications issued during the last couple of days, exempted 10 kinds of industries and several allied businesses from Section 144 of the criminal procedure code ‘subject to implementation of the precautionary measures’ to avert spread of the coronavirus.
PM body detects $2bn annual loss in gas supply chain
The Prime Minister’s Inspection Commission (PMIC) has found almost $2 billion worth of losses annually in the natural gas supply chain due to incompetence and mismanagement at all levels of policymaking, regulatory and operational functions. In its final report submitted to Prime Minister Imran Khan, the PMIC has identified a series of gas leakages, theft, wrong measurement at various gas transfer points, questionable policymaking and defective regulatory process. It has recommended to the government to introduce a new concept of unaccounted for gas (UFG) beginning from gas field or LNG (liquefied natural gas) injection from import terminals up to end-consumer by getting rid of the misleading and narrow definition of gas losses within the pipeline network of two utilities — Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL).
CPEC projects to meet deadlines despite COVID-19 pandemic
Pakistan Ambassador to China, Naghmana Alamgir Hashmi has said that all the projects being completed under the China Pakistan Economic Corridor (CPEC) framework would meet their deadlines as all the preventives and control measures had been put in place against the spread of Covid-19. “In consultation with the Chinese government and companies, we have put in place a double quarantine system for the Chinese workers returning to Pakistan after the New Year’s vacations to ensure that other workers don’t infected,” she made these remarks while speaking in “World Insight” of China Global Television Network (CGTN). She informed that the first phase of CPEC was almost near to completion as 90 percent of projects were already commissioned and the remaining were only months away from the finishing point.
Iraqi Oil Minister optimistic that OPEC+ countries will reach deal at upcoming meeting
raqi Oil Minister Thamer Ghadhban is optimistic that OPEC+ countries will be able to reach a new agreement at the alliance’s upcoming meeting scheduled for 9 April, spokesman from Iraq’s Oil Ministry Asem Jihad said. "Thamer Ghadhban, deputy prime minister for energy and the minister of oil, expressed optimism that a new agreement will be reached after conversations with the ministers of several OPEC+ countries. He described the mood as positive", Jihad said, as quoted by Iraq's INA agency. According to the spokesman, Ghadhban said that any new agreement needs the support of non-OPEC+ countries such as the US, Canada and Norway, the agency reported.