Previous Session Recap
Trading volume at the PSX floor dropped by 105.21 million shares or 30.39%, DoD basis. Whereas, the Benchmark KSE100 Index opened at 46877.37, posted a day high of 46929.20 and a day low of 46336.66 during the last trading session. The session suspended at 46465.66 with a net change of -411.71 points and the net trading volume of 99.96 million shares. Daily trading volume of KSE100 listed companies dropped by 37.78 million shares or 27.43%, DoD basis.
Foreign Investors remained in a net selling position of 4.73 million shares but the net value of Foreign Inflow increased by 0.85 million US Dollars. Categorically, Foreign Corporate and Overseas Pakistani investors remained in net selling positions of 0.54 and 4.23 million shares. While on the other side, Local Individuals, Banks and Brokers remained in net selling positions of 4.78, 0.2 and 14.49 million shares respectively but Local Companies and Mutual Funds remained in net buying positions of 15.05 and 9.74 million shares.
Analytical Review
Asian shares went flat on Tuesday as disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth, leaving currencies and commodities becalmed in summer doldrums. MSCIs broadest index of Asia-Pacific shares outside Japan gave up modest early gains to be barely changed, though it was still within a whisker of its recent decade high. South Koreas market dipped 0.2 percent while Japans Nikkei eased 0.3 percent. Chinas main markets were also down a shade in thin trade. Beijing reported exports and imports both grew much less than expected in July, breaking a run of better numbers from the Asian giant that had fueled optimism on global growth and a rally in industrial commodity prices.
Noted economist and former federal finance minister Dr Hafiz Pasha has said that ongoing political turmoil does not augur well for economy, democracy and developmental indicators in every sector. He was speaking as chief guest in a seminar on Company Ordinance 2017 held under the aegis of ICMAP at its Lahore campus here on Monday. Fearing a bleak scenario ahead, he said that it was the time when Pakistan desperately needed bold decisions to charge up progress on multiple internal and external fronts especially to increase exports and decrease imports. “Former Prime Minister Nawaz Sharif, who has a track record of taking bold decisions, could have made turnaround but situation did not allow him to do so,” he said.
Remarkable success of Corolla in Pakistan has made Pakistan number 1 in Corolla sales in Asia Pacific and number 4 in the world,” said Yoshiki Konishi, Chief Engineer for Corolla, Toyota Motor Corporation at the 26th IMC Dealers Conference held at a local hotel here recently. The theme of the conference was “Race to Ace”. Dealership CEOs, executives from Toyota Motor Corporation, Toyota Tsusho Corporation, senior management from the House of Habib, dealer management and teams and the IMC management attended the conference. In his video message, Yoshiki Konishi appreciated IMC’s efforts in successfully promoting Toyota in Pakistan for the last 26 years. He added that since its inception 44.1 million Corolla cars have been sold globally.
Under Economic Transformation Initiative, the UN International Fund for Agriculture Development (IFAD) will spend Rs 12 billion on development of agriculture sector in Gilgit-Baltistan in the next seven years. In the first phase, 35,000 acres of barren land would be converted into cultivable fields. About 1,00,000 households will get benefits from the program in Diamer, Astore, Ghanche and Ghizer districts.
The appointment of Justice Ijazul Ahsan of the Supreme Court as monitoring judge in references to be filed by the National Accountability Bureau (NAB) against former prime minister Nawaz Sharif and his other family members has been challenged before the apex court. Barrister Zafarullah Khan of the Watan Party filed a petition at the Lahore registry saying the Panama case judgment delivered by the apex court and disqualification of an elected prime minister without trial would be remembered mostly for the infirmity of legal reasons, for question it raises about the integrity of the process leading to the verdict and for distorting institutional balance of power.
The Market is expected to remain volatile today. We advice traders to exercise caution, Buying on dips and booking gains on strength is recommended.
Technical Analysis
The Benchmark KSE100 Index failed to close above its triple top during the last three trading sessions. Further, It has started a corrective move which may extend towards 46032, where it may find strong support from a trend line along with a horizontal supportive region. However, if it slides below 46000 region then it may enter into a new bearish rally. Therefore, trading with strict stop loss is recommended for the current trading session. As of now, the Index may find resistance ahead at 46830 and 47100 while the supports stand at 46000 and 45580.
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