PSX Daily Market Review 12 Jan. 2017

The Bench Mark KSE100 Index Opened at 48872.02 posted day high of 49389.89 and day low of 48867.86 during last trading session while session suspended at 49371.60 with net change of 505.81 and net trading volume of 191.35 million shares. Daily trading volume of KSE100 listed companies increased by 14.44 million shares or 8.16% on DOD bases.

The U.S. dollar nursed widespread losses on Thursday after President-elect Donald Trump long-awaited news briefing provided scant clarity on future fiscal policies, disappointing bulls wagering on major stimulus. Yet neither did Trump mention possible tariffs against Chinese exports, a relief for Asian share markets that have feared the outbreak of a global trade war. It was enough to help MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climb 0.8 percent to its highest since late October. Australian main index added 0.3 percent, aided by strength in bulk commodity prices, while Shanghai stocks were flat .SSEC. Going the other way, Japanese Nikkei .N225 slipped 0.9 percent as the yen climbed on a retreating dollar. Wall Street had overcome its brief wobble to end Wednesday firmer. The Dow .DJI added 0.5 percent, while the S&P 500 .SPX gained 0.28 percent and the Nasdaq .IXIC 0.21 percent.
The Economic Co-ordination Committee (ECC) of the Cabinet has approved an extension in the levy of Neelum Jhelum (NJ) surcharge from electricity consumers for the next 18 months with an expected revenue collection of Rs 9 billion. The proposal to extend the closing date for the collection of Rs 010/kWh up to June 2018 was submitted by Ministry of Water and Power to the ECC meeting chaired by Finance Minister Ishaq Dar on Wednesday. Previous closing date for collection of surcharge was December 31, 2016.
National Electric Power Regulatory Authority (Nepra) on Wednesday categorically told the Senate Functional Committee on Devolution that it could no longer play the role of an independent and autonomous body under the line ministry. Senate Functional Committee met with Mir Kabeer Ahmed Muhammad Shahi in the chair at Parliament House on Wednesday. Senators Kamil Agha, Colonel Syed Tahir Hussain Mashhadi (Retd), Ilyas Ahmed Bilour, Taj Haider, Sassui Palijo, Muhammad Usman Kakar, Atta-ur-Rehman and others participated in the meeting.
The Hub Power Company Limited (Hubco) has increased its shareholding in China Power Hub Power Generation Company (Private) Limited (CPHGC) from 26.0 percent to 47.5 percent. The CPHGC is in process of setting up coal based power plant in Hub, Balochistan with 1320 MW generation capacity. To recall, initially the shareholding of Hubco in CPHGC was 49.0 percent, which was later decreased to 26.0 percent with an option to increase its holding before commercial operation date.
World Bank has revised Pakistan growth rate upward to 5.2 per cent for fiscal year 2017 and 5.5 per cent for 2018. The bank previously estimated growth in Gross Domestic Product (GDP) of Pakistan 5 per cent and 5.4 per cent respectively, a private news channel reported. The report Global Economic Prospects; weak investment in uncertain times, states that the uptake in activity was spurred by a combination of low commodity prices, rising infrastructure spending, and reforms that lifted domestic demand and improved the business climate.
CHCC, AGL,FCSC,JSBLandATRL can lead market in positive direction.

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