PSX Daily Market Review - 6th March 2019

Trading volume at PSX floor dropped by 4.58 million shares or 2.72% on DoD basis, whereas the benchmark KSE100 index opened at 39,775.16, posted a day high of 39,955.28 and a day low of 39,598.91 points during last trading session while session suspended at 39,688.51 with net change of -61.24 points and net trading volume of 126.66 million shares. Daily trading volume of KSE100 listed companies dropped by 15.11 million shares or 10.66% on DoD basis.
Foreign Investors remained in net buying positions of 1.51 million shares but net value of Foreign Inflow dropped by 0.89 million US Dollars. Categorically, Overseas Pakistani remained in net selling positions of 1.83 million shares but Foreign Corporate Investors remained in net buying positions of 3.34 million shares respectively. While on the other side Local Individuals, Banks, Mutual Fund and Brokers remained in net selling positions of 10.10, 0.91, 3.60 and 3.65 million shares but Local Companies, NBFCs and Insurance Companies remained in net buying positions of 13.51, 0.55 and 2.55 million shares respectively.

Asia stocks tentative, waiting for fresh U.S.-China trade cues
Asian stocks clung to narrow ranges on Wednesday as investors awaited fresh clues on the progress of U.S.-China trade negotiations, with a weaker Wall Street finish capping broader gains. Robust U.S. economic data supported the dollar, but its Australian counterpart slid after data showed the economy slowed more than expected in the fourth quarter. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.05 percent, while Japan’s Nikkei declined 0.6 percent. The Shanghai Composite Index was up 0.3 percent as China’s state planner said the government will boost domestic consumption further this year. Beijing announced billions of dollar in tax cuts and infrastructure spending on Tuesday to reduce the risk of a sharper economic slowdown.
ECC approves technical supplementary grant of Rs180m
The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved technical supplementary grant of Rs180 million for engaging services of a consortium of banks for Pakistan Banao certificates (PBCs). The ECC meeting, which was chaired by Finance Minister Asad Umar, discussed the summary of the Ministry of Finance (MoF) for seeking supplementary grant of Rs 180 million to pay a consortium of six banks engaged in marketing of PBCs. The top economic decisions making body of the country, the ECC, has approved the summary.
Presidents of ACCA, ICMA meet to discuss greater collaboration in developing accountancy profession
A high level meeting was held in Lahore between ACCA President, Robert Stenhouse and the President of ICMA Pakistan, Mr Zia ul Mustafa to discuss areas of greater collaboration between the two institutions. Also present at the meeting was senior management from both organizations including Sajjeed Aslam, Head of ACCA Pakistan, Arif Masud Mirza, Regional Head of Policy at ACCA, Haroon Ahmed Jan, Regional Head of Member Affairs at ACCA, Assad Hameed Khan, Head of Business Development at ACCA, Faisal Azeem, Head of Education at ACCA, Shahid Khan, Head of Business Development Central at ACCA, Ms Javaria Malik, Director Marketing and Communication at ICMA Pakistan, and Sarfaraz Ahmad, Joint Director Central Region at ICMA Pakistan.
Telecom, info services exports increase to $539.7m in six months
Pakistan’s exports of telecommunication, computer and information services have increased to $539.71 million, registering 3.78 per cent growth in first half of current fiscal year. The earning made through these exports was $520.043 million during same period last year. Data issued by PBS on Tuesday showed that in telecommunication sector, call center services exports increased by 9.28 per cent.
Finance secretary warns of sanctions over FATF non-compliance
The federal secretary of the finance division on Tuesday warned that Pakistan might face economic sanctions over non-implementation of Financial Action Task Force (FATF) recommendations. Talking to reporters after attending a meeting of a sub-committee of the Public Accounts Committee (PAC), Finance Secretary Arif Ahmed Khan said Pakistan had to take strict measures to implement the FATF recommendations.

The Benchmark KSE100 Index have not succeeded in penetration of above its 61.8% correction during last trading session and now it would try to find support at 39,500 and 39,350 points during current trading session. It’s expected that index would try to recover after a dip during current trading session and it would succeeded in finding some ground at its respective supportive regions but it’s also recommended to post strict stop loss on long positions because if it would not sustain above 39,350 points then a serious downward rally would be witnessed in coming days. For current trading session index would face resistances at 39,860 and 40,150 points respectively and closing above 40,150 would call for 40,500 points where some extraordinary volumes would required maintaining above that region for further advance move.