PSX Daily Market Review - 10th May 2017

Trading volume at PSX floor increased by 44.11 million shares or 13.52%, DoD basis during the last trading session. Whereas the Benchmark KSE100 Index opened at 51385.70 with a positive gap of 449.79 points, posted a day high of 51488.56 and a day low of 51009.93 during last trading session. The session suspended at 51073.14 with a net change of 137.23 points and net trading volume of 191.19 million shares. Daily trading volume of KSE100 listed companies increased by 46.2 million shares or 31.86%,DoD basis.
Foreign Investors remained in a net selling position of 6.34 million shares but a net value of Foreign Inflow increased by 1.2 million US Dollars. Categorically, Foreign Corporate and Overseas Pakistani investors remained in net selling positions of 1.72 and 4.75 million shares but Foreign Individuals remained in net buying position of 0.14 million shares.On the other side Local Individuals, Banks and Mutual Funds remained in net buying positions of 3.89, 2.96 and 5.39 million shares but Local Companies and Brokers remained in net selling positions of 1.28 and 0.14 million shares respectively.

Asian stocks are set to start Wednesday trade on a tentative note with markets put on edge by U.S President Donald Trump over abrupt dismissal of FBI Director James Comey and rising tensions over North Korean nuclear program. The dollar index, which tracks the greenback against a basket of six major currencies, slipped 0.2 percent to 99.437, moving away from a three-week high of 99.688. MSCI Broadest index of Asia-Pacific shares outside Japan was flat after posting modest gains in the previous session. It hit a two-year high last week. Korean stocks were among early gainers after South Korean liberal leader Moon Jae-in was elected president.
The central banks of Pakistan and Iran have finally devised a detailed mechanism to settle trade transactions between the two countries through banking channels. Pakistani trade with Iran has been nominal for more than a decade. No banking channel existed between the two countries as Iran remained under international sanctions imposed by the United States and United Nations.
In return for greater control of the National Electric Power Regu­latory Authority under an amended Nepra law, the federal government conceded on Tuesday that the right to generate electricity, transmit and distribute it be devolved to the provinces. The agreement was reached at a meeting presided over by Water and Power Minister Khawaja Mohammad Asif and attended by chief ministers of Sindh and Khyber Pakhtunkhwa and chief secretaries of Punjab and Balochistan.
The Senate Standing Committee on Finance on Tuesday decided to refer the case of payment of Rs480 billion to settle the circular debt to the Federal Investigation Agency (FIA) and National Accountability Bureau (NAB). The recommendation was made by a three-member subcommittee of the Senate body, comprising a member each from the PML-N, Pakistan Tehreek-i-Insaf and PML-Q. The one-time spending of Rs480bn to clear circular debt was made in early days of the current government that assumed power in 2013. The Senate body adopted the subcommittee report which will be submitted in the upcoming session of the upper house.
Chairman Securities and Exchange Commission of Pakistan (SECP) Zafar Hijazi said that wherever the SECP will find a financial crime, it will go after it. No financial criminal can hide from the SECP as it’s continuously watching the capital markets, he added. Addressing a press conference at SECP head office on Tuesday, Zafar Hijazi said that the SECP has significantly strengthened its abilities for continues surveillance of stock market trading and its intermediaries. Best brains from the SECP were selected and properly trained to watch the stock trading efficiently; he said and added that the earlier weakness and bottleneck were removed.

Today ATRL, EFERT, GATM and NBP can lead the market in the positive direction.

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