PSX Daily Market Review - 06 April 2017

The Bench Mark KSE100 Index Opened at 48088.37, posted a day high of 48166.18 and a day low of 47523.41 during last trading session where as the session suspended at 47577.61 with a net change of -511.06 points and net trading volume of 77.5 million shares. Daily trading volume of KSE100 listed companies increased by 20.8 million shares or 36.69% on DoD basis.

Stocks fell and bonds rose in Asia on Thursday, with risk appetite soured by signs the Federal Reserve might start paring its king-sized asset holdings later this year just as the chance of early U.S. fiscal stimulus faded further. Investors were also wary ahead of a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, the first between the world two most powerful leaders. Topping the agenda at Trump Mar-a-Lago resort in Florida will be whether he makes good on his threat to use U.S.-China trade ties to pressure Beijing to do more to rein in its nuclear-armed neighbor North Korea. Lingering fears of a possible trade war kept Asian markets on edge. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.8 percent. Japanese Nikkei .N225 fell 1.4 percent to touch its lowest since early December. Australian index lost 0.6 percent and S&P 500 futures ESc1 eased 0.3 percent. Shares in Shanghai .SSEC were flat after a private survey of Chinese service sector showed activity expanded at its slowest pace in six months in March.
Pakistan on Wednes­day widened its fiscal deficit outlook by a significant margin, citing a shortfall in revenue collection, as the International Monetary Fund (IMF) raised concerns over challenges in the fiscal, energy and external sectors. IMF Mission Chief Harald Finger predicts that Pakistan’s current account deficit can reach 2.9pc of GDP during the ongoing financial year. IMF Mission Chief Harald Finger predicts that Pakistani current account deficit can reach 2.9pc of GDP during the ongoing financial year. During FY2017, the [fiscal deficit] is now projected to reach 4.1pc of the GDP, Finance Minister Ishaq Dar said at the conclusion of Article-IV consultations with the IMF in Dubai. This was a departure from the budgeted fiscal deficit limit of 3.8pc of the GDP for the current year, a target which the government had repeatedly said it would meet.
Premier Oil plc is selling its Pakistan business for $65.6 million in line with its strategy to dispose of non-core assets. It has signed a share-purchase agreement with Al-Haj Energy Ltd for the sale of Premier Oil Pakistan Holdings BV. “We are pleased to have reached agreement to sell our Pakistan business,” Premier Oil CEO Tony Durrant said, according to a press release issued by the company on Wednesday. “While now non-core for Premier, our Pakistan business has consistently outperformed our expectations over the years and this is testament to the hard work and skill of our team in Islamabad,” he said. Premier Oil — an independent UK oil company with gas and oil interests in Britain, Asia and Africa — anticipates recording a book gain on disposal estimated at $40m.
Minister of Commerce Khurram Dastgir Khan said on Wednesday his ministry is trying to facilitate business activities and may introduce legislation in this regard. Addressing a programme on the ease of doing business, which was organised by the All Pakistan Business Forum on Wednesday, the minister asked all stakeholders to give suggestions for creating conducive business environment. He said legislation on e-commerce is in progress, adding that the government is going to launch a campaign to re-introduce Pakistani brands globally by the end of the year.
The current pace of progress on three global energy goals — access to electricity, renewable energy and efficiency — is not fast enough to meet 2030 targets, according to the latest Global Tracking Framework (GTF) report. The report, released by the World Bank and the International Energy Agency (IEA) on Tuesday as part of the ‘Sustainable Energy for All Knowledge Hub’, shows that the increase of people getting access to electricity is slowing down, and if this trend is not reversed, projections are that the world will only reach 92 per cent electrification by 2030, still short of universal access. Energy efficiency is the only area that made progress towards meeting these objectives; with energy savings during the 2012-2014 GTF reporting period enough to supply Brazil and Pakistan combined.

Today market is expected to remain volatile again, Traders are advised to exercise caution, Take profit on higher levels and buy on dips. 

^{To Open picture in original resolution right click image and then click open image in a new tab}