PSX Daily Market Review - 13th April 2017

The Bench Mark KSE100 Index Opened at 48281.21, and  posted a day high of 48518.11 and a day low of 48280.77 during the session. Moreover, it suspended at 48457.26 with a net change of 207.19 points and a net trading volume of 77.33 million. Daily trading volume of KSE100 listed companies increased by 22.74 million shares or 41.665, DoD basis.
Foreign Investors remain in a net selling position of 6.31 million shares and net value of Foreign Inflow dropped by 1.65 million US Dollars. Categorically Foreign Individuals, Corporate and Overseas Pakistani investors remain in net selling positions of 0.055, 4.51 and 1.75 million shares respectively. While on the other side Local Individuals, Companies and Banks remain in net selling positions of 3.43, 1.07 and 1.33 million shares respectively. However, Mutual Funds and Brokers remain in net buying positions of 6.82 and 7.18 million shares respectively.

The U.S. dollar and Treasury yields tumbled on Thursday after President Donald Trump said he preferred the Federal Reserve keep interest rates low as the dollar is getting too strong, and said he would not label China a currency manipulator. The dollar index .DXY, which tracks the greenback against a basket of six trade-weighted peers, plunged 0.7 percent to 100.07. Asian stocks swung between gains and losses with MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS last up about 0.2 percent. Japanese Nikkei .N225 slumped 1.1 percent, as investors sought shelter in the yen. Australian stocks retreated 0.75 percent, on track to post a 0.4 percent gain for the week. Most markets in the region will be closed on Friday for the Good Friday public holiday.
The Executive Committee of the National Economic Council (Ecnec) on Wednesday approved 15 development projects, mostly in the power sector, at an estimated cost of Rs261.2 billion. In a meeting presided over by Finance Minister Ishaq Dar, Ecnec also approved a few projects in the transport and communication sector, including a Rs24.6bn mass transit project for Karachi. On the request of the Ministry of Communications, Ecnec approved land acquisition for 138-kilometre Faisalabad Abdul Hakeem Motorway (M-4) at a revised cost of Rs4.221bn. The project envisaged acquisition of 3,139.5 acres for building a four-lane motorway having a right-of-way corridor of 100 metres.
The Ministry of Finance on Wednesday was directed to promptly release funds for federal projects in provinces to avoid friction. The Senate Standing Committee on Finance noted the delay in funds disbursement for projects in Balochistan and Sindh. The committee, chaired by Senator Saleem Mandviwalla, was briefed on the status of funds utilisation by the finance ministry officials. “We have noticed that the release of funds for several projects is negligible. If not addressed, the issue could assume political dimension,” Senator Saud Majeed of PML-N said.
A delegation of Asian Development Bank (ABD), led by Peter Turner, on Wednesday visited Lahore Transport Company (LTC) Headquarter to review transport projects initiated by the government. During the meeting, the LTC officials and ADB representatives were of the view that development in transport sector is deemed indispensable for robust economy of any country. By keeping in view the public private partnership model, Pakistan has enabling environment for the foreign investors and potential to unleash the available investment opportunities, the LTC officials said. National transport policy master plan, national road safety programme, road assets management is vital for enabling economic corridors through sustainable transport sector development for realising the Pakistan’s vision 2025, they added. The objective of visiting various government departments is to ascertain the views and priorities of the provinces, the ADB members said.
Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain has said that imports and trade deficit has crossed all the limits pushing country at the brink of economic collapse. The government should take steps to control imports and boost exports otherwise country will face very serious repercussions, he said. He said that the government should take up the matter with Chinese authorities if import of machinery for CPEC is the reason behind unabated imports which has emerged as a serious threat.–INP He said that government has announced two packages for exporters but the exports continue to fall because root causes and reservation of the external sector were not addressed in a proper manner.

Today ATRL, NBP, SMCPL and STCL can lead the market in the positive direction. 

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