PSX Daily Market Review 09 Feb. 2017

The Bench Mark KSE100 Index Opened at 4949967.37 with a positive gap of around 92 points, posted day high of 50034.94 and day low of 49742.74 points during last trading session while session suspended at 49874.96 points with net change of 15.57 points and net trading volume of 174.85 million shares. Daily trading volume of KSE100 listed companies increased by 54.38 million shares or 45.14% on DOD bases.
Foreign Investors remain in net selling of 0.23 million shares but net value of Foreign Inflow increased by 43636 US Dollars. Categorically Foreign Individuals and Overseas Pakistanis remain in net buying of 0.031 and 2.89 million shares but Foreign Corporate Investors remain in net selling of 3.15 million shares. While on the other side Local Individuals, Companies, Banks and NBFCs remain in net selling of 5.72, 4.87, 2.25 and 1.98 million shares respectively but Mutual Funds and Brokers remian in net buying of 1.85 and 7.73 million shares.

Asian stocks looked set to consolidate around four-month highs on Thursday as a cautious Wall Street close and growing political risks in Europe force investors to the sidelines. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was broadly flat, with early Asian markets such as Australia hemmed in tight ranges. New Zealand stocks .NZ50 edged higher after the central bank signaled that a further cut in interest rates was no longer likely, but also that any tightening in policy might be two years or more away. Political concerns, including a strong showing by far-right candidate Marine Le Pen in French presidential race, have pushed up premiums demanded by investors to buy French debt over comparable bonds and pushed the yen and U.S. Treasuries higher.
Pakistani economy could become the 16th largest by 2050 based on its gross domestic product (GDP) at purchasing power parity (PPP), said a report prepared by Pricewater­­house­Coopers (PwC), a multinational professional services network headquartered in London and considered among the ‘Big Four’ auditors. This means the country would overtake Italy and Canada, which currently rank at 12th and 17th places, respectively. The report, titled The Long View — How Will the Global Economic Order Change by 2050 and released earlier this month, projected a number of new emerging markets taking the centre stage. Emerging economies such as Indonesia, Brazil and Mexico are likely to be larger than the UK and France, it said.
The Securities and Exchange Commission of Pakistan (SECP) on Wednesday urged the Pakistan Stock Exchange (PSX) to fulfil its responsibility as the front-line regulator of stockbrokers. The SECP called an urgent meeting with PSX’s board of directors to know about the steps taken to protect investors of M.R. Securities, a Lahore-based brokerage house whose owner has reportedly fled with investors’ money amounting to millions of rupees. The stock market’s board regretted that information about the default of M.R. Securities reached the relevant PSX directors when the broker had already disappeared. The board informed the SECP that it would thoroughly investigate if some PSX officials were negligent in discharging their regulatory responsibilities.
The National Tariff Commission (NTC) on Wednesday imposed definitive anti-dumping duties on imports of galvanised steel coils and sheets in the range of six to 41 per cent. The duty on Chinese exporter Angang Steel Company is 40.47pc, followed by 31.31pc on Hebei Iron and Steel Co. Ltd., 9.13pc on Bengang Steel Plates Co. Ltd., 6.09pc on Maanshan Iron and Steel Co. Ltd. The rate on all other producers and exporters from China is also 40.47pc. However, the duty would not be levied on imports from sources other than China, imports used as inputs in products destined solely for exports and on imports that are covered under any scheme exempting customs duty for exports under the Customs Act of 1969.
On the directives of the Lahore High Court, the Oil and Gas Regulatory Authority (Ogra) on Wednesday slashed the price of liquefied petroleum gas (LPG) by 30 per cent to Rs900 per cylinder with immediate effect. In a notification, Ogra directed all the 119 LPG marketing companies to strictly comply with the price determined by the Ministry of Petroleum and Natural Resources on June 8, 2016 at Rs900 per domestic cylinder of 11.8 kg (Rs76,500 per tonne) including general sales tax. The current retail prices of LPG ranges between Rs1,200 per cylinder in Lahore and up to Rs1,500 per cylinder in hilly areas like Azad Kashmir, Chitral and Gilgit-Baltistan.
NML, EPCL, MCB, ESBL and SSGC can lead market in positive direction.

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