PSX Daily Market Review - 10th Nov. 2017

Trading volume at PSX floor increased by 64.37 million shares or 66.1%,DoD basis, whereas, the benchmark KSE100 Index opened at 41403.17 with a positive gap of 144 points, posted a day high of 41851.33 and a day low of 41390.34 during the last trading session. The session suspended at 41790.16 with a net change of 531 and net trading volume of 78.83 million shares. Daily trading volume of KSE100 listed companies increased by 21.61 million shares or 37.77%, DoD basis.
Foreign Investors remained in a net buying position of 6.26 million shares but net value of Foreign Inflow dropped by 0.96 million US Dollars. Categorically, Foreign Corporate Investors remained in a net selling position of 2.77 million shares but Overseas Pakistanis remained in a net buying position of 9.01 million shares. While on the other side Local Individuals, Banks and Insurance Companies remained in net selling positions of 16.73, 5.46 and 0.43 million shares but Local Companies, Mutual Funds and Brokers remained in net buying positions of 0.36, 15.24 and 2.11 million shares respectively.

Asian shares slipped on Friday on uncertainty about U.S. tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives’ version in several key areas, including a delay in the timing of a corporate tax cut. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.1 percent while Japan's Nikkei .N225 lost 1.0 percent. MSCI’s all-country equity index .MIWD00000PUS posted its first daily loss in more than two weeks on Thursday, ending its longest daily winning streak since 2003. On Wall Street, the S&P 500 .SPX lost 0.38 percent while the Nasdaq Composite .IXIC dropped 0.58 percent.
The World Bank (WB) on Thursday raised alarms for Pakistan’s economy and predicted that inflation would increase to six percent next year as it linked Pakistan’s bullish economic prospects with continuation of reforms to address the current and fiscal account deficits. “Despite an increase in macroeconomic imbalances during FY17, growth is projected to increase moderately and touch 5.8 percent by FY19,” the Bank said. “This outlook is contingent on maintaining macroeconomic stability as well as steady progress in implementing the main pillars of the government’s medium-term reform program which targets key constraints to growth.”
As many as 775 foreign business delegates from 85 countries are participating in the 10th Expo Pakistan-2017 that began at the Karachi Expo Centre, here on Thursday. The event organizers expected huge business deals as some 5,000 businessman-to-businessman (B2B) meetings are likely to take place during the four-day mega event of the Ministry of Commerce and Trade Development Authority of Pakistan (TDAP). The exhibition was jointly inaugurated by Federal Commerce Minister Pervaiz Malik, Sindh Governor Muhammad Zubair and Chief Minister Syed Murad Ali Shah. Secretary Commerce Mohammad Younus Dagha, Secretary TDAP Inam Ullah Khan and others were also present on the occasion. This year, with the theme Emerging Pakistan, Expo Pakistan-2017 is aimed at building a positive image of the country promoting its culture internally and globally.
Prime Minister Shahid Khaqan Abbasi on Thursday said that continuous gas supply was vital for domestic and industrial consumers and essential for the economic prosperity of the country. The government had worked tirelessly to overcome energy deficit of Pakistan and LNG terminals had been established in record period, he added. The Prime Minister expressed these views after witnessing the signing of Inter-Governmental Agreement on supply of LNG between Pakistan and Malaysia, at a simple ceremony held here at the PM''s Office. Secretary Petroleum Division Sikandar Sultan Raja and Deputy Minister in the Prime Minister’s Department of Malaysia Dato Sri Devamany S Krishnasamy signed the agreement on behalf of their respective governments. CEO Petronas LNG Ezhar Yazid and senior officials from Malaysia and Government of Pakistan were also present during the ceremony. The Prime Minister, in his remarks, congratulated both sides for finalization of Inter-Governmental Agreement for supply of LNG.

Today ISL, PAEL, PSO and SSGC may lead the market in the positive direction.

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