PSX Daily Market Review - 21th April 2017

The Benchmark KSE100 Index opened at 47603.48, posted a day high of 49509.30 and a day low of 47361.11 during last trading session. Whereas, the session suspended at 48743.56 with net change of 1140.08 points and net trading volume of 199.79 million shares. Daily trading volume of KSE100 listed companies increased by 58.87 million shares or 41.77%, DoD basis.
Foreign Investors remained in a net selling position of 1.32 million shares and the net value of Foreign Inflow dropped by 5.72 million US Dollars. Categorically, Foreign Individuals and Corporate Investors remained in net selling positions of 0.055 and 5.29 million shares, respectively. Moreover, Overseas Pakistanis remained in a net buying position of 4.02 million shares. On the other side, Local Individuals and Brokers remained in net selling positions of 20.39 and 7.01 million shares but Local Companies, Banks, NBFCs and Mutual Funds remained in net buying positions of 1.4, 6.53, 0.32 and 23.29 million shares, respectively.

Asian stocks rose, lifted by bets on strong U.S. earnings and U.S. tax reform, while the euro retreated from a three-week high as jitters returned over the first round of French presidential elections on Sunday after a shooting in Paris. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.25 percent. It is set to end the week 0.6 percent lower. Japanese Nikkei .N225 advanced 0.8 percent, on track for a weekly gain of 1.3 percent.
The leaders of major trade associations heaved a sigh of relief at the Supreme Court’s verdict. They said it cleared the clouds of uncertainty that was causing an adverse impact on business activities for the past few weeks. Talking to Dawn, most businessmen sounded happy over the outcome. A leader articulated the community’s sentiment and said it was like a big storm passing away without causing devastation.
Senior economist and former Finance Minister of Pakistan Dr Hafeez Pasha said that the incumbent PML-N government will not pursue a new NFC Award. Speaking on the occasion of the 2nd Consultative Session of the National Finance Commission Award organised by the PRIME Institute, Dr Hafeez Pasha called for decentralisation of the tax regime and harmonisation of the tax rate to overcome chronic problems of the NFC. Dr Pasha stated that it is imperative that the horizontal sharing formula of the NFC Awards be updated after the census. He proposed that 60 to 70 percent of the divisible pool should be allocated to low income provinces because the current award is not equitable.
World Bank Group President Jim Yong Kim said on Thursday that the multilateral lender does not plan to change its stance on financing alternative energy projects and mitigating the effects of climate change. Asked about the Trump administration scepticism about climate change at a news conference, Kim said the World Bank would continue to work with governments and the private sector to boost financing for alternative energy, especially in China, India, Indonesia, the Philippines, Pakistan and Vietnam. The science of climate change did not change with any particular election, and I do not see that it will," Kim said. "We have to be an evidence-based organisation," he added.
PIA is going to start daily flight for London from Pakistan from April 25. Two of these flights, on Wednesdays and Sundays, would be operated directly from Karachi. On other days, convenient connections within two to three hours would be provided to Lahore or Islamabad for flights operating from there. For tickets purchased before 27th May 2017, PIA is also offering special promotional 15 percent discount on flights operating via Lahore and Islamabad, which would be valid for travel till the end of current year.

ASTL, DSL, GWLC, NML and STCL can lead the market in the positive direction.

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