PSX Daily Market Review - 14th April 2017

The KSE-100 Index opened on a positive note, making an Intra-day high of 48553.16. However, a sell-off was seen in the Market which dragged the Index down by 548 Points, to a day low of 47908. The Index closed at 47950 with a volume of 88 Million, and an All-Share volume of 233 Million shares.
An analysis of the Transactions data published at day end revealed that Foreign Investors remained in a Net selling position of USD 3.1 Million. Whereas, Banks and DFIs bought securities worth USD 1.16 Million with concentration in Fertilizers and Commercial Banks. Moreover, Mutual funds and Insurance firms remained Net Buyers.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by 1.35% on weekly basis, according to data released on Thursday. On April 7, the foreign currency reserves held by the central bank were recorded at $16,688.2 million, increasing by $222.1 million or 1.35%, compared to $16,466.1 million in the previous week, according to the central bank. During the week, SBP received multilateral inflows of $317 million and made payments of $118 million on account of external debt servicing and other official payments. SBP’s reserves have fallen by 1.57%, amounting to $16.466b.
Sui Southern Gas Company (SSGC) has linked the gas supply to Provincial Government’s 100MW power plant in Nooriabad with the submission of Rs1.0 billion security deposit. “SSGC is ready to supply gas to the power plant, provided the management of the plant submits the admissible security deposit of Rs1.0 billion,” SSGC said in a statement in response to Sindh chief minister Murad Ali Shah’s speech in the provincial assembly on Thursday.
Ahsan Iqbal, federal minister for planning, development and reform said on Thursday, all proposed nine industrial zones under China Pakistan Economic Corridor (CPEC) would be completed in a period of two to three years. “To take advantage of Pakistan’s natural resources, economic zones will be established under CPEC, one each in all the four provinces, FATA, Azad Kashmir, Gilgit-Baltistan, and two by the Federal Government in Islamabad Capital Territory and Port Qasim at Karachi,” he informed the senate. Government has made a huge investment in the energy sector to overcome shortage
All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has invited Chinese investors for Joint Ventures (JVs) in textile industry. He said Pakistan has opportunities for Chinese investors to enter into joint ventures or relocation of their industry and avail duty free market access under the GSP Plus facility. Prime Minister Nawaz Sharif has offered a package to the exporting industry with an added attraction of 12 to 15 percent for producing and manufacturing in Pakistan. He said Pakistan foreign investment policy offers zero percent duty on imports of capital goods, zero percent corporate income tax rate, 10 years corporate income tax holiday, 50 acres minimum land required for SEZ, and permission of 100 percent private ownership.

Today market is expected to remain volatile, Traders are advised to exercise caution, take profit on higher levels and buy on dips.

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