PSX Daily Market Review 16 Nov. 2016

The Bench Mark KSE100 Index Opened at 42525.93, posted day high of 42641.53 and day low of 42251.55 during last trading session. The session suspended at 42292.67 points with net change of -233.26 points and net trading volume of 125.81 million shares. Daily trading volume of KSE100 listed companies dropped by 132.85 million shares or 51.36% on DOD bases.
Foreign Investors remained in net selling position of 4.76 million shares and net value of Foreign Inflow dropped by 6.55 million US Dollars. Categorically, Foreign Individuals and Corporates remained in net selling position of 0.83 and 5.4 million shares respectively but Overseas Pakistanis remained in net buying position of 1.5 million shares. While on the other hand, Local Individuals, Companies and Mutal Funds remained in net selling position of 8.1, 12.93 and 0.09 million shares respectively but Local Banks and Brokers remained in net buying position of 22.69 and 1.5 million shares respectively.

The Sui Northern Gas Pipelines Limited (SNGPL) curtailed on Tuesday gas supply to industries in Punjab and Khyber Pakhtunkhwa following a shortfall of about 500mmcfd (million cubic feet per day) in domestic and commercial sectors against a total demand of 2,500mmcfd in the two provinces.
Persistent demand helped rates to hold present levels on the cotton market on Monday in the process of hectic trading, dealers said. The official spot rate was firm at Rs 5950
The rupee continued slide for the second day in a row versus the dollar on the money market on Tuesday in the process of trading.
Pakistan State Oil (PSO) has rebutted the rumors currently circulating in some sections of the media claiming that PSO has stopped fuel supply to Pakistan International Airlines (PIA). In reality, some operational glitch at the end of Jinnah International Airport affected the schedule of one PIA flight. Being Pakistan flagship oil marketing company and a responsible corporate citizen, Pakistan State Oil has ensured uninterrupted fuel supply to the national flag carrier in spite of non-payment of dues, and vows to go the extra mile to keep the wheels of the country economy running.
The Economic Co-ordination Committee (ECC) has approved Rs 3 per unit reduction on the existing base tariff for industrial consumers of Karachi Electric (KE) as is available to power Distribution Companies
A pause in both the sell-off in global bonds and sharp rise in the dollar following Donald Trump election victory, together with Wall Street record high overnight helped Asian shares steady on Wednesday from a four-month low struck a day earlier.
POL, PIBTL,JPGL, HCARand ASTL are looking attractive on Intra-day and short term bases, they can lead the market in positive direction. On the other side, SSGC, ATRL and PSO,will remain under pressure.

KSE100 Index is capped by a resistant trend line at 43249 on Daily Chart and it has penetrated its supportive regions of 42479 and 42460 in bearish direction and right now supportive region stands at 42260 points from a horizontal support or double bottom. Daily Stochastic and Moving Average over RSI(MAORSI) have generated bearish crossovers which is positive sign for a healthy correction, which for the current trading sessions stands at 42490 and 42527 points.