PSX Daily Market Review 17 Feb. 2017

The Benchmark KSE100 Index Opened at 49344.90 with a positive gap of 80 points, posted day high of 49693.84 and day low of 49163.91 during last trading session. The session suspended at 49588.30 with net change of 374.15 points and net trading volume of 88.87 million shares. Daily trading volume of KSE100 listed companies dropped by 67.73 million shares or 43.25% on DOD bases.
Foreign investors remained in net buying position of 1.06 million shares and net value of Foreign Inflow increased by 3.55 million US Dollars. Categorically Foreign Individuals remained in net selling position of 3400 shares but Foreign Corporate and Overseas Pakistani investors remained in net buying position of 1.06 million shares and 956 shares respectively. While on the other side, Local Individuals and Mutual Funds remained in net selling position of 10.52 and 2.35 million shares respectively but Local Companies, Banks, NBFCs and Brokers remained in net buying position of 0.33, 1.48, 0.245 and 5.01 million shares respectively.

Asian stock markets took a breather on Friday from their recent surge as investors took profits, while the dollar inched up after Thursday slide and optimism over possible renewed supply cuts by OPEC lifted oil prices. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS pulled back 0.2 percent, on track to end the week up 1.2 percent, its fourth straight week of gains. Until Thursday, the index surpassed its previous intraday high for seven consecutive sessions, and closed at 19-month highs in the past two. A batch of positive economic data out of Asia this week, driven by improving exports and rising commodity prices, has bolstered shares, although concerns linger that any protectionist threats posed by U.S. President Donald Trump could reverse the recovery.Japanese Nikkei .N225 slid 0.7 percent, set to close 0.9 percent lower for the week. Australian shares were down 0.2 percent, shrinking the week gains to 1.4 percent.
The Oil and Gas Regulatory Authority (OGRA) has barred the Sui Southern Gas Company Limited (SSGCL) from charging estimated accumulated bills to its consumers in Sindh and Balochistan for defective metering unless proven by laboratory tests. Informed sources said there were complaints that SSGCL had been issuing estimated bills to consumers on the basis of past one-year to three-year average consumption on a case to case basis from the day it noticed defective meter or suspicious reading under different categories.
The Ministry of Commerce has stepped up efforts to explore new markets and increase the export of value-added goods. Under the new market initiative, the seventh round on the Free Trade Agreement (FTA) with Thailand is scheduled to be held on March 7 in Bangkok. Both sides have already completed the text of the agreement and shared their initial request lists and tariff reduction modalities. The first round of FTA negotiations was held in September 2015 in Bangkok. On the FTA with Turkey, both sides have held five rounds of negotiations to remove trade barriers. This FTA covers trade in goods and services and a chapter on investment.
Millat Tractors Ltd (MTL) said on Thursday it can possibly join the consortium that is setting up a greenfield plant for the assembly and sale of Hyundai Motor Company (HMC) passenger cars and light commercial vehicles (LCVs) in the one-tonne range. MTL informed the Pakistan Stock Exchange (PSX) on Thursday that its board of directors has authorized the company’s CEO and director to initiate discussions with the consortium.
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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