PSX Daily Market Review - 25th Nov 2019
Previous Session Recap
Trading volume at PSX floor increased by 10.47 million shares or 4.50% on DoD basis, whereas the benchmark KSE100 index opened at 37,101.31, posted a day high of 38,948.37 and a day low of 37,953.96 points during last trading session while session suspended at 37,925.79 points with net change of 824.48 points and net trading volume of 166.29 million shares. Daily trading volume of KSE100 listed companies increased by 19.75 million shares or 13.48% on DoD basis.
Foreign Investors remained in net selling positions of 2.91 million shares and net value of Foreign Inflow dropped by 4.84 million US Dollars. Categorically, Foreign Individual and Overseas Pakistanis remained in net selling positions of 0.41 and 3.44 million shares but Foreign Corporate Investors remained in net buying positions of 0.94 million shares. While on the other side Local Individuals, Mutual Fund and Brokers remained in net buying positions of 2.64, 8.43 and 6.25 million shares but Local Companies, Banks, NBFCs and Insurance Companies remained in net selling positions of 5.16, 6.80, 0.07 and 2.35 million shares respectively.
Analytical Review
Asia shares regain footing as mood swings on trade
Asian shares made guarded gains on Monday as investors dared to hope for some progress in the endless Sino-U.S. trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers. MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.8%, after losing 0.4% last week. Japan’s Nikkei firmed 0.9%, while Australian stocks rose 0.5% and Shanghai blue chips 0.4%. E-Mini futures for the S&P 500 added 0.3%, while EUROSTOXX 50 futures gained 0.6%. On Saturday, U.S. national security adviser Robert O’Brien said an initial trade agreement with China is still possible by the end of the year, though he warned Washington would not turn a blind eye to what happens in Hong Kong.
Govt to sign contract for electro mechanical work of Dasu Hydropower project Phase-I
The contract for Electro Mechanical work of Phase-I of Dasu Hydropower project will be signed today (Monday). The contract for the Electro Mechanical Contract will be signed here between Wapda and a Joint Venture comprising of two Chinese companies for 2160 MW stage of Dasu Hydropower Project, official said. The contract will be signed here with Joint Venture of EE Hydropower China and Power China Zhongnan Engineering Corporation Limited, an official source told The Nation.
AIIB okays $511 million for Pakistan’s infrastructural projects
Asian Infrastructure Investment Bank (AIIB) will finance $511.81 million for four projects for the infrastructural development in Pakistan, mainly related to roads, energy, sanitation and mass transit. The amount has been approved for the projects including National Motorway M-4 of $100 million, Tarbela Hydropower Extension Projects $300 million, Karachi Water and Sewerage Project $40 million and $71.81 million Karachi Bus rapid transit projects, Chief Programming officer and Senior Adviser to the President, Asian Infrastructure Investment Bank (AIIB) Konstantin Limitovskiy told APP here.
PCMEA asks govt to make public details of Rs300b incentive package
Pakistan Carpet Manufacturers and Exporters Association (PCMEA) Sunday demanded the government to make public the details of that additional amount worth Rs300 billion going to be given to exporters on concessional basis. PCMEA Chairman Muhammad Aslam Tahir expressed these views while addressing a joint session of both the circles of the association held here to deliberate on the issues being faced by handmade carpet industry.
Pakistan renegotiating TAPI gas price with TPCL
Pakistan is in process of renegotiating gas price with TAPI Project Company Limited (TPCL), following which a groundbreaking ceremony would be held for ‘Pakistan-Section’ of the multi-billion dollar trans-country gas pipeline in Chaman. “We are keen to have a new compatible gas price under the Turkmenistan-Afghanistan-Pakistan-India (TAPI) project. Accordingly, renegotiation for the gas price will take place with the TPCL before groundbreaking of the pipeline in Pakistan,” a senior official privy to petroleum sector developments told APP.
Asian shares made guarded gains on Monday as investors dared to hope for some progress in the endless Sino-U.S. trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers. MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.8%, after losing 0.4% last week. Japan’s Nikkei firmed 0.9%, while Australian stocks rose 0.5% and Shanghai blue chips 0.4%. E-Mini futures for the S&P 500 added 0.3%, while EUROSTOXX 50 futures gained 0.6%. On Saturday, U.S. national security adviser Robert O’Brien said an initial trade agreement with China is still possible by the end of the year, though he warned Washington would not turn a blind eye to what happens in Hong Kong.
The contract for Electro Mechanical work of Phase-I of Dasu Hydropower project will be signed today (Monday). The contract for the Electro Mechanical Contract will be signed here between Wapda and a Joint Venture comprising of two Chinese companies for 2160 MW stage of Dasu Hydropower Project, official said. The contract will be signed here with Joint Venture of EE Hydropower China and Power China Zhongnan Engineering Corporation Limited, an official source told The Nation.
Asian Infrastructure Investment Bank (AIIB) will finance $511.81 million for four projects for the infrastructural development in Pakistan, mainly related to roads, energy, sanitation and mass transit. The amount has been approved for the projects including National Motorway M-4 of $100 million, Tarbela Hydropower Extension Projects $300 million, Karachi Water and Sewerage Project $40 million and $71.81 million Karachi Bus rapid transit projects, Chief Programming officer and Senior Adviser to the President, Asian Infrastructure Investment Bank (AIIB) Konstantin Limitovskiy told APP here.
Pakistan Carpet Manufacturers and Exporters Association (PCMEA) Sunday demanded the government to make public the details of that additional amount worth Rs300 billion going to be given to exporters on concessional basis. PCMEA Chairman Muhammad Aslam Tahir expressed these views while addressing a joint session of both the circles of the association held here to deliberate on the issues being faced by handmade carpet industry.
Pakistan is in process of renegotiating gas price with TAPI Project Company Limited (TPCL), following which a groundbreaking ceremony would be held for ‘Pakistan-Section’ of the multi-billion dollar trans-country gas pipeline in Chaman. “We are keen to have a new compatible gas price under the Turkmenistan-Afghanistan-Pakistan-India (TAPI) project. Accordingly, renegotiation for the gas price will take place with the TPCL before groundbreaking of the pipeline in Pakistan,” a senior official privy to petroleum sector developments told APP.
Market is expected to remain volatile during current trading session.
Technical Analysis
The Benchmark KSE100 index have bounced back after getting support at 37,000 points during last trading session and right now it's in correction phase and it would considered bearish until it would not succeed in closing above 38,500 or 38,900 points on daily closing basis. Daily momentum indicators are still in bearish mode and it's expected that if index would not succeed in closing above 39,200 points then chance of a weekly evening star would increase. As of now hourly momentum is ready to convert its direction towards bearish side and in this case index would only need to slide below 37,700 points and pressure would start increasing which would try to push index in bearish zone towards 36,900 points.
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