PSX Daily Market Review - 7th Nov 2018

Trading volume at PSX floor dropped by 16.28 million shares or 7.60% on DoD basis, whereas the Benchmark KSE100 index opened at 41,432.27, posted a day high of 41,554.31 and day low of 40,755.79 points during last trading session while session suspended at 40,958.53 with net change of -535.44 points and net trading volume of 142.33 million shares. Daily trading volume of KSE100 listed companies dropped by 3.17 million shares or 2.18% on DoD basis.
Foreign Investors remained in net buying position of 1.44 million shares but net value of Foreign Inflow dropped by 0.54 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistani remained in net buying positions of 0.02 and 1.60 million shares but Foreign Corporate investors remained in net selling positions of 0.19 million shares respectively. While on the other side Local Individuals, Banks, NBFCs and Insurance Companies remained in net buying positions of 1.38, 4.58, 0.33 and 1.35 million shares respectively but Local Companies, Mutual Fund, and Brokers remained in net selling positions of 2.79, 0.15 and 5.12 million shares respectively.

Wall Street futures, Asia stocks jump back on GOP's house prospects
Wall Street stock futures and Asian shares erased losses to eke out small gains on Wednesday as early results of U.S. mid-term elections appeared to show Republicans improving their chances of retaining their grip on Congress. U.S. S&P500 futures ESc1 were up 0.4 percent, clawing back earlier losses of 0.4 percent, and the dollar pared its decline, as Republicans were on track to pick up a few closely-contested seats on the East Coast. The congressional elections is billed as a referendum on President Donald Trump’s polarising style and “America First” policies.
Experts for completing gram cultivation
Agriculture experts have advised the farmers and growers to complete cultivation of grams by November 10. Talking to APP, a spokesman of the agriculture department said here Tuesday that best suitable time for gram cultivation in Gujrat, Jehlum, Rawalpindi and Narowal was up to November 10 while farmers of Faisalabad, Sahiwal, Multan, Bahawalpur, Bahawal Nagar and districts of central Punjab can cultivate by November 15. The farmers should use approved varieties of grams including C-44, Punjab-91, Pital-98, Punjab Chana-2000, CM-98, Bital-98, Neefa-88, etc. to get bumper crop, he added.
Pak-IMF talks for bailout package start today
Pakistan would start negotiations with International Monetary Fund (IMF) for bailout package today (Wednesday) to avert the balance of payment crisis of the country. A delegation of the IMF has arrived in Pakistan for the talks which would continue till November 20. In mid October, Pakistan had formally requested the IMF for a loan programme during the fund’s annual meetings in Indonesia. The current talks are aimed at reaching a staff-level agreement, which would be submitted to the IMF’s executive board for consideration.
Govt mulling two options to ensure gas supply to domestic users
The government is mulling various options, including the provision of subsidised LNG, to ensure uninterrupted gas supply to the domestic consumers during the winter season. “Two options are under consideration to tackle the issue of gas shortage for the domestic sector during the ongoing winter season,” official sources told The Nation here Tuesday.
K-Electric's clarification
Heartening to hear about Haris's health and treatment and we extend him best wishes. At the same time we refute reports that have incorrectly implied K-Electric's involvement in the matter. Haris slipped from a height and came in contact with power lines during the fall. No reports of any broken wires came from the location of the accident. Power lines are designed to carry current and it is therefore extremely important to stay away from them as well other related infrastructure such as poles and PMTs.

The Benchmark KSE100 Index have penetrated below its major supportive region of 41,000 points during last trading session and a breakout of this supportive region have happened on daily chart but index got support from its second support of 40,700 points and could not succeed in penetration of that support even on intraday basis. As of now it’s expected that index would try to take a spike in first half during current trading session to take a breath and then would try again in second half to penetrate below 40,700 and 40,500. It’s recommended to stay cautious while trading during current trading session because index would not be considered bullish even on intraday basis until it would succeed in closing above 41,300 points therefore selling on strength with strict stop loss would be beneficial for current trading session. Daily momentum indicators are still in bearish mode and these would try to resist against any bullish sentiment.