PSX Daily Market Review - 24th May 2017

Trading Volume at PSX floor increased by 83.73 million shares or 34.86%, DoD basis, whereas KSE100 index opened at 51373.51, posted a day high of 52244.24 and a day low of 51373.51 while the session suspended at 52146.97 with a net change of 773.46 and a net trading volume of 112.04 million shares. Daily trading volume of KSE100 listed companies increased by 58.59 million shares or 109.59%, DoD basis.
Foreign Investors have turned back to buying and they remained in a net buying of 6.35 million shares and a net value of Foreign Inflow increased by 18.97 million US Dollars. Categorically, Foreign Individual and Corporate investors remained in net buying positions of 0.20 and 6.66 million shares but Overseas Pakistanis remained in a net selling of 0.52 million shares. While on the other side Local Individuals and Banks remained in net selling positions of 11.11 and 4.84 million shares but Local Companies, NBFCs, Mutual Funds and Brokers remained in net buying positions of 0.7, 6.44, 2.99 and 4.82 million shares, respectively.

Chinese main stock index fell one percent and the Australian dollar slipped on Wednesday after Moody cut its sovereign credit rating on China. Asian shares also slipped, with MSCI broadest index of Asia-Pacific shares outside Japan down 0.2 percent, despite modest gains on Wall Street overnight. Japanese Nikkei stock index was, however, up 0.4 percent. The Aussie fell as much as 0.3 percent to $0.7452 soon after the Moody announcement downgrading China to A1 from Aa3. The yuan was marginally weaker at 6.8949 per dollar while the Shanghai stock index fell one percent to 3031.39 points. Moody said growing leverage in China prompted the downgrade, and warned about slowing economic growth. Chinese massive debt been at the center of concerns among economists and Beijing in recent months, and has rattled global financial markets since late last year.
60 agreements and MoUs of international investment in the Punjab were signed at the concluding session of 2nd international seminar on investment opportunities in Punjab. The provincial ministers, diplomats, consul generals of China and Turkey, members of the parliament, investors from 26 countries, local traders and industrialists attended the seminar. Addressing the concluding session, Punjab Chief Minister Shehbaz Sharif said that during the 70 year history of Pakistan, not only thousands but lacs of agreements and Memorandums of Understanding (MoUs) have been signed but a very small number of them was materialized. However, the speed with which the agreements signed during Chinese President Xi Jinping visit to Pakistan in April 2015 have been implemented upon has surprised the whole world from Washington to Tokyo and from Delhi to Moscow, he added.
Work on construction of Suki Kinari Hydropower Project on river Kunhar is under progress in Khyber Pakhtunkhwa. According to official sources, the project will be completed by 2022 at a cost of $2 billion under China Pakistan Economic Corridor (CPEC). On completion, it will generate eight hundred and seventy (870) Megawatts electricity. A number of hydro electric projects are in progress under CPEC in Khyber Pakhtunkhwa province to overcome energy crises.
The National Transmission and Dispatch Company Ltd (NTDC) has said that due to heavy cyclone 7 towers each of 500 kV Dadu-Guddu transmission line and 500 kV Dadu-Shikarpur transmission line were collapsed besides two towers of Dadu-Jamshoro transmission line Circuit-II. The NTDC spokesman said that despite of such a big disaster, continuity of power supply was not affected as the protection system of NTDC, being the most reliable one, ensured not only uninterrupted power supply but also saved power system terminal equipment; hence no damage of any kind of equipment occurred.
Federal Commerce Minister Khurram Dastagir Khan has urged Pakistani exporters to avail maximum advantage of Pak-Malaysia Free Trade Agreement (FTA). While chairing a briefing on the Pak-Malaysia FTA, he said that the Pakistani exporters must focus on the Malaysian market. The minister said that though all major Pakistani export products such as textile, surgical and leather enjoy zero tariff rates but still this market is being ignored by the Pakistani exporters. “The commerce ministry is working on the FTA with Malaysia to take more concessions for Pakistani exporters and for including more and more items i

Today ATRL, PACE, PSMC , and TRG may lead the market in the positive direction.