PSX Daily Market Review - 13th June 2017

Trading volume at the PSX Floor increased by 10.79 million shares or 5.18%, DoD basis. Whereas, the KSE100 Index opened at 49433.90 with a negative gap of 93.02 points, posted a day high of 49433.90 and a day low of 47538.17, during the last trading session. The session suspended at 47671.80 with a net change of -1855.12 points and a net trading volume of 62.64 million shares. Daily trading volume of KSE100 listed companies increased by 23.28 million shares or 59.16%, DoD basis.
Foreign Investors remained in a net buying position of 0.95 million shares and the net value of Foreign Inflow increased by 3.99 million US Dollars. Categorically, Foreign Individual and Overseas Pakistani Investors remained in net selling positions of 0.07 and 0.8 million shares. However, Foreign Corporate Investors remained in a net buying position of 1.82 million shares. While on the other side, Local Individuals and Brokers remained in net selling positions of 1.14 and 8.84 million shares but Local Companies, Banks, NBFCs and Mutual Funds remained in net buying positions of 1.97, 3.88, 1.08 and 1.40 million shares, respectively.

Asian stocks crept higher on Tuesday, defying a weak lead from Wall Street, which was dragged lower by technology stocks for a second day, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1 percent in early trade. Japanese Nikkei .N225 slipped 0.3 percent. South Korean KOSPI .KS11 gained 0.3 percent. MSCI Pakistan Standard (Large and Middle Capp) droppped by 3.80% while MSCI Pakistan IMI Index (Small, Middle and Large Cap) dropped by 4.08% on DoD basis.
Farmers have called upon the government to take necessary measures for repairing distributary channel-11 to get adequate water from Gomal Zam dam for irrigating agricultural land. Holding placards inscribed with slogans about initiatives for the growers, the farmers said that particular water channel had been in shabby condition for a long due to negligence of Irrigation department as its concerned staff was derelict in their duty to carry out its maintenance or repair work on regular basis. As a result, they said that vast land in the area was lying unproductive due to insufficient water and farmers were facing hardships to make their both ends meet.
Sindh Minister for Excise and Taxation & Narcotics Control Mukesh Kumar Chawla has said that the Excise and Taxation Department has collected Rs50,560.663 million during current fiscal year from June 2016 to May 2017, as compared to Rs43,324.898 millions recovered during last financial year.
President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain on Monday said the value-added textile sector is the backbone of the economy which deserves attention of the government. This sector is providing employment to millions of the people after agriculture, have the largest share in exports and paying taxes, therefore, its problems should be resolved immediately, he said. Mian Zahid Hussain said that energy crisis, stuck-up refund claims, rising input costs, the burden of taxes, infrastructure issues, lack of enabling rules and regulations, has increased the cost of doing business, it said.
Pakistan was extended "Guest of Honour" status at Chinese International Expo that began here on Monday, with eighty participating countries, mainly from South and South East Asia region. This was a rare move, in the background of growing bilateral relations under China-Pakistan Economic Corridor (CPEC) and the leading role of the country in building Belt and Road initiative of President Xi Jinping. It was the first time that a special pavillian was provided to the Pakistani businessmen, who have set up more than 200 stalls at the expo that has been named as South and Southeast Asia Investment forum Forum (SSIF).

The Market is expected to remain volatile today. We advise Traders to exercise caution. Buying on dips and booking gains on strength is recommended