PSX Daily Market Review - 8th April 2019

Trading volume at PSX floor dropped by 26.22 million shares or 20.49% on DoD basis, whereas the benchmark KSE100 index opened at 37,517.13, posted a day high of 37,592.27 and a day low of 37,307.14 points during last trading session while session suspended at 37,521.81 with net change of 5.69 points and net trading volume of 48.07million shares. Daily trading volume of KSE100 listed companies dropped by 15.08 million shares or 23.88% on DoD basis.
Foreign Investors remained in net selling positions of 2.44 million shares and net value of foreign inflow dropped by 1.89 US Dollars. Categorically, Foreign Individuals and Foreign Corporate remained in net selling positions of 0.04 and 3.88 million shares but Overseas Pakistanis investors remained in net buying positions of 1.48 million shares. While on the other side Local Individuals, Local Companies, Banks and Insurance Companies remained in net buying positions of 5.71, 3.24, 0.33 and 3.63 million shares respectively but NBFCs, Mutual Fund and Brokers remained in net selling positions of 1.54, 0.73 and 6.40 million shares respectively.

Asia shares at seven-month peak as China talks stimulus
Asian shares inched up to seven-month highs on Monday as investors cheered a rebound in U.S. payrolls and hints of more stimulus in China, though there was some caution ahead of what is likely to be a tough U.S. earnings season. In a document published on the central government’s website late on Sunday, Beijing said it would step up a policy of targeted cuts to banks’ required reserve ratios to encourage financing for small and medium-sized businesses. Chinese blue chips climbed 1.4 percent to territory not visited since March last year. MSCI’s broadest index of Asia-Pacific shares outside Japan followed by gaining 0.4 percent to its highest since August. Japan’s Nikkei also made its high of the year so far and was last up 0.1 percent. E-Mini futures for the S&P 500 were little moved.
Asad to hold crucial talks on IMF package in US this week
Pakis­tan is likely to hold crucial discussions on an IMF bailout package this week when Finance Minister Asad Umar arrives in Washington to attend the spring meetings of the World Bank group, which includes the International Monetary Fund. Mr Umar said at a news briefing in Islamabad on Friday that he hoped his discussions in Washington would be fruitful and Pakistan would be able to sign the bailout package by the end of this month. He is expected in Washington on Tuesday, a day after the spring meetings (April 8-14) formally begin. An IMF mission will visit Islamabad later this month to formally conclude the package.
CPEC parliamentary panel to elect its chief on 16th
A meeting of the newly formed Parlia­mentary Committee on China-Pakistan Econo­mic Corridor (CPEC) has been convened on April 16 for election of its chairman without waiting for nominations from the Senate, Dawn has learnt. A notice issued by the National Assembly Secre­tariat says that the 14-member Parliamentary Commit­tee on CPEC meeting will be held at 3pm on April 16 “for election of its chairman”. A list attached to the notice contains the names of 14 members from the National Assembly only, while there is no mention of any senator despite the fact that NA Speaker Asad Qaiser had constituted the committee in pursuance of motions adopted by the National Assembly during its sitting on Feb 21 and the Senate on March 1.
Pakistan's GDP growth to shrink to 3.4pc this fiscal: World Bank
Pakistan's economic growth, after reaching an 11-year high of 5.8 per cent in FY18, is expected to see a decline over the next two years, the World Bank has predicted. GDP growth will decelerate to 3.4pc in fiscal year 2018-19 and further drop to 2.7pc in FY20 as fiscal and monetary policies are tightened to address macroeconomic imbalances, said the latest edition of the South Asia Economic Focus: Exports Wanted published on Sunday. The report comes the same week, the United Nations and the Asian Development Bank, both, painted a gloomy picture of Pakistan's position in the region with regard to its GDP growth in 2019.
FIA seizes currency worth Rs40 million in Lahore as crackdown against dollar hoarding begins
The Federal Investigation Agency (FIA) on Sunday seized currency worth Rs40 million and arrested three people in Lahore, the interior ministry said, as a government crackdown against the hoarding of US dollars and speculative currency trade gained momentum. The action was taken on the directives of FIA's Punjab Zone-I Lahore director, Mohammad Waqar Abbasi, who instructed authorities to take strict action against those involved in dollar hoarding, money laundering, hundi/hawala (illegal money transfer) and "illegal speculation" regarding the de-valuing of Pakistani rupee, the interior ministry said in a press release. According to government directives cited by the ministry, the "dollars were hoarded to make rupee weaker in [the] market. This action caused [an] artificial demand of dollar and its rate increased artificially."

The Benchmark KSE100 index have touched a rising supportive trend line once again and got support from crossover of said trend line along with a horizontal supportive region during last trading session. It’s expected that index would try to open with a negative gap during current trading session below said trend line but an intraday recovery is insight after a dip below 37,500 points. It’s expect that index would try to bounce back before 37,000 points during current bearish rally and it would try to give a weekly closing after a pullback therefore its recommended to start buying on dip with strict stop loss during current trading session.