PSX Daily Market Review - 6th Sep 2018

Trading volume at PSX floor increased by 0.36 million shares or 0.29% on DoD basis during last trading session, whereas the benchmark KSE100 Index opened at 41,766.77, posted a day high of 41,805.34 and a day low of 41,495.41 during last trading session. The session suspended at 41,620.96 with net change of -132.93 and net trading volume of 70.46 million shares. Daily trading volume of KSE100 listed companies increased by 5.33 million shares or 8.18% on DoD basis.
Foreign Investors remain in net selling positions of 1.75 million shares but net value of Foreign Inflow dropped by 465.15 million US Dollars. Categorically Foreign Corporate remained in net selling positions of 4.03 million shares but Overseas Pakistanis investors remained in net buying positions of 2.29 million shares. While on the other side Local Individuals and Brokers remained in net selling positions of 2.55 and 5.01 million shares respectively but Local Companies, Banks, NBFCs, Mutual Fund and Insurance Companies remained in net selling positions of 0.36, 0.19, 0.05, 4.76 and 3.70 million shares.

Asian shares extend losses on trade, emerging market anxiety
Asian shares fell for the sixth straight session on Thursday as oil skidded and safe-haven gold gained, with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the U.S.-China trade war. Asian shares fell for the sixth straight session on Thursday as oil skidded and safe-haven gold gained, with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the U.S.-China trade war.
China considers CPEC demonstration project of BRI
China considers its economic corridor project with Pakistan a demonstration of Belt and Road Initiative (BRI) that sets the direction towards shared destiny, says a report published in the Chinese media on Wednesday. The CPEC marks that China-Pakistan relations, which were traditionally defined by security cooperation, now are upgraded to heightened economic links. After years of concerted efforts, Yao Jing, Chinese Ambassador to Pakistan, said that the CPEC has relieved Pakistan's energy bottleneck, improved road connectivity, steeply enhanced foreign investment, run projects across the country and remained inclusive and open.
FPCCI concerned over price hike
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed serious concerns on recent increase in the prices of fuel, gas and electricity and termed it detrimental not only for export oriented industries but other sectors also. It was of the view that this decision would defeat the prime minister’s vision of improving on the ease of doing business to promote industrialization in the country. It would in fact, affect the overall economic growth as well as the local consumer of gas, he added.
Domestic cement dispatches decline 13.7pc in Aug
Exports were the saving grace for Pakistan’s cement industry in August as the domestic consumption plummeted by massive 13.73 percent which in fact was the first such decline in consumption in last three years. According to statistics issued here on Wednesday by APCMA, the domestic cement dispatches in Pakistan were 2.895 million tons out of which 2.326 million tons were dispatched by mills located in the northern parts of the country and 0.569 million tons by the South based mills. During the corresponding month of last year the North zone dispatched 2.730 million tons of cement and South based mills dispatched 0.625 million tons.
Govt to revisit trade deals with various countries
The incumbent government would revisit the existing trade agreements with various countries to ensure enabling environment for promotion of the country’s trade in international market, Adviser to the Prime Minister on Commerce, Textiles, Industries Production and Investment, Abdul Razzaq Dawood said. “We have to revisit the Free Trade Agreements (FTAs) with many countries including Thailand and Turkey,” the Adviser said while talking to APP here Wednesday.

The Benchmark KSE100 Index is not being able to penetrate its resistant region and have slide again in negative zone during last trading session but it have not succeeded in closing below its major supportive region therefore it’s expected that market would remain volatile during current trading session and will face strong resistances from 41,860 and 42,089 points regions on intraday basis. It’s recommended to start selling if index would succeed in sliding below 41,450 on hourly chart. Downward breakout of 41,450 would call for 40,960 and 40,500 points in coming days.