PSX Daily Market Review - 15th May 2017

Trading volumes at PSX floor dropped by 50.8 million shares or 12.78%, DoD basis, whereas the KSE100 Index opened at 51426.01, posted a day high of 51793.56 and a day low of 51399.23 during the last trading session, while it suspended at 51750.91 with a net change of 324.90 points and a net trading volume of 127.35 million shares. Daily trading volume of KSE-100 listed companies increased by 15.50 million shares or 13.86%, DoD basis.

Asian stocks got off to a shaky start on Monday as a ransomware attack that locked up more than 200,000 computers in over 150 countries and a missile test by North Korea on Sunday kept investors on edge. Safe-haven assets including the yen, gold and U.S. Treasuries held their gains from Friday after weaker-than-expected economic data from the U.S. dented risk appetite. MSCI broadest index of Asia-Pacific shares outside Japan was little changed. Japanese Nikkei retreated 0.3 percent on a stronger yen. Australian shares fell 0.2 percent, while South Korean KOSPI was little changed. The weekend cyber attack, which slowed down after a security researcher stumbled on a way to at least temporarily limit the spread of the worm, may speed up on Monday when employees returning to work turn on their computers. A more advanced version of the worm will also likely remove the flaw that allowed it to be slowed, the researcher warned.
Oil marketing companies (OMCs) and refineries have rejected outright the government directive to introduce Euro-III & Euro-IV compliant high-speed diesel (HSD) in the country, claiming that it is not feasible to sell the higher grade product on the Pakistani market. Sources told Dawn that the Ministry of Petroleum and Natural Resources had recently written to OMCs and refineries about its intentions to make Euro-III and Euro-IV compliant HSD available in the market.
Sindh hopes to complete one-fifth of all ongoing development projects by the turn of the current fiscal year in June. Economic team of Chief Minister Murad Ali Shah is already busy identifying and processing projects for the next year to ensure quick funding after the budget to generate political capital for the 2018 elections. According to officials 500 development schemes will be completed out of a total of 2,773 by 31 June. Most (1,777) of 2,773 were old schemes while the rest (996) were launched in 2016-17 covering agriculture, infrastructure, education, health, transport and skills development.
The Central Depository Company (CDC) — with active support of the 1Link (Guarantee) Limited, Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) — has introduced the concept of centralised e-IPO system (CES) in order to facilitate the public to apply for subscription of securities offered for sale through initial public offerings (IPOs) by providing an efficient and hassle-free mechanism to them.
The Khyber Pakhtunkhwa government has decided to stop issuance of No Objection Certificate (NOC) to those oil and gas Exploration and Production (E&P) companies whose licences, issued by the federal government, are expired and they are getting extensions. The licenses of some Exploration and Production companies are expired and they are holding their block on extensions for the last so many years without showing any progress, therefore the provincial government has decided to discourage such practices and stop issuing them NOCs, official source told The Nation here on Sunday.

Today ATRL, BYCO, EFERT ,INDU and TRG may lead the market in the positive direction.

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