PSX Daily Market Review - 1st June 2017

Trading volume at PSX floor increased by 176.23 million shares or 75.12%, DoD basis. Whereas, the KSE100 Index opened at 51453.16, posted a day high of 51492.44 and a day low of 50213.66 during the last trading session. The session suspended at 50591.57 with a net change of -861.59 points and a net trading volume of 274.37 million shares. Daily trading volume of KSE100 listed companies increased by 187.92 million shares or 217.4%, DoD basis.
Foreign Investors turned back to buying in the last trading session and they remained in a net buying position of 6.59 million shares. However,  Foreign Inflows dropped by 81.73 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net buying positions of 0.005 and 53.65 million shares but Foreign Corporate investors remained in a net selling position of 47.07 million shares. While on the other side, Local Individuals, Mutual Funds and Brokers remained in net selling positions of 5.64, 3.51 and 6.09 million shares. However, Local Companies, Banks and NBFCs remained in net buying positions of 4.69, 3.44 and 0.1 million shares, respectively.

Sterling retreated on Thursday on fears that Prime Minister Theresa May could lose control of parliament in Britain June 8 election, while conflicting signals on the health of Chinese manufacturing sector kept most Asian stock markets in check. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat after four sessions of losses as investors took profits after stocks hit a two-year high last week and as economic and geopolitical concerns continued to weigh on sentiment. But Japanese Nikkei .N225 advanced 1 percent after data showed recurring first-quarter corporate profits were the highest on record for the January to March period.
A representative delegation of cigarette manufacturers of Khyber Pakhtunkhwa called on Pakistan Tobacco Board Chairman Ikram Ghani here on Wednesday. The delegation consisted of Jan Bahadur Khan, Dilawar Khan, Sher Bahadur Khan as well as representatives of PTC, PMPKL, Pak Hills and KTC. The cigarette manufacturers expressed reservations regarding the proposed imposition of 5 percent withholding tax at the time of purchase of tobacco. They said that the tobacco manufacturing sector was already under heavy burden of taxes.
Taking notice of the woes of the Karachiites, caused by frequent tripping and prolonged loadshedding, the Nepra has decided to depute a team to monitor and verify the outages in different areas of Karachi, current generation capacity of K-Electric, its utilisation, frequency of tripping of generating plants and transmission/distribution networks. The team will also verify the implementation of investment plan of K-Electric for improvement of transmission and distribution systems, said the Nepra spokesperson here on Wednesday. He said that in compliance of the decision of the Sindh High Court Karachi dated May 29, 2017 and considering the complaints of general public and media reports regarding frequent tripping and prolonged loadshedding in Karachi, the authority has taken action to evaluate the performance of K-Electric in wake of recent events and implementation of earlier directions of the authority given in the Order dated March 25, 2016 and NEPRA performance standards.
The Mango Research Institute (MRI) has started registration of mango growers for timely delivery of advisory through Short Message Services (SMS). Director Mango Research Institute (MRI) Dr Hameedullah, while talking to APP here on Wednesday informed that initially 4000 mango growers would be registered for the service. He said the department would install SMS-caster in system within next two to three days. Climate change is affecting mango orchards. However, the department is also carrying out research work to reduce threat of climate change on orchards
The four-nation consortium, Turkmenistan-Afghanistan-Pakistan-India (TAPI), will be meeting in Dubai in June to review progress on the multi-billion dollars gas pipeline project and work on its financial close. Groundbreaking of the project was jointly performed by Presidents Gurbanguly Berdymukhamedov of Turkmenistan, Ashraf Ghani of Afghanistan, Prime Minister Muhammad Nawaz Sharif and Indian Vice President Mohammad Hamid Ansari in December 2015 in Turkmenistan, from where the pipeline would start. "TAPI parties are planning to meet in Dubai to review the project status and work on the financial close of the project," Managing Director Inter State Gas Systems (ISGS) Mobin Saulat told APP while sharing updates on the project Wednesday.
The government on Wednesday announced a reduction in the prices of petrol by Rs1.20 per litre and by Rs 1.60 per litre for High Speed Diesel while keeping the prices of kerosene and light diesel oil unchanged to provide relief to consumers. Announcing the new petroleum prices, which will take effect starting June 1, 2017 and stay until midnight on June 30, 2017, Finance Minister Ishaq Dar said the new prices for diesel will be Rs81.40 per litre while petrol will be sold for Rs72.80 per litre.

Today DSL, ENGRO, SEARL and TRG may lead the market in the positive direction.