PSX Daily Market Review - 28th Dec. 2017

KSE100 Index opened at 39614.37, posted a day high of 40160.47 and a day low of 39614.37 during last trading session. The session suspended at 40146.73 with net change of 620.98 and net trading volume of 107.27 million shares. Daily trading volume of KSE100 listed companies increased by 18.08 million shares or 20.27% on DoD basis.
Foreign Investors remained in net selling position of 0.47 million shares and net value of Foreign Inflow dropped by 1.46 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net selling positions of 0.09 and 0.76 million shares but Foreign Corproate Investors remained in net buying position of 0.39 million shares. While on the other side Local Individuals, Companies and Insurance Companies remained in net selling postions of 5.85, 3.5 and 1.44 million shares but Local Banks, NBFcs, Mutaul Funds and Brokers remained in net buying positions of 2.99, 0.53, 9.61 and 3.46 million shares respectively.

Asian shares rose to a one-month high on Thursday and were on track for their best annual performance since 2009, while commodity-driven currencies were buoyed by a rally in copper, which hit a four-year peak. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1 percent at 563.86 points, a level last visited in late November. It has rocketed 32 percent in the year so far. MSCI world equity index .MIWD00000PUS, which tracks shares in 47 countries, also held near record highs. It has surged 21.5 percent this year. Trade was light across the board with many market participants on holiday.
Pakistan does not blame India of stealing its water rather the conflict between the two neighbouring countries is on the issue of water flow in the river system. This was stated by Pakistan Indus Waters Commissioner Mirza Asif Baig while responding to a question of the media after the three-day 74th Annual Session of Pakistan Engineering Congress held here at a local hotel on Wednesday. During this session, eighteen technical papers were presented, covering various important subjects. A symposium on the subject of ‘Impact of Infrastructure Development & Pakistan Economy’ was also being held as part of this annual session. Besides, visits of delegates to the nine various projects of national importance were managed in the session. Engr Ghulam Hussain, President, Pakistan Engineering Congress, delivered welcome address.
The government Wednesday agreed to enhance the freight rates of oil tankers for the hard areas of Azad Jammu & Kashmir, Gilgit Baltistan and Chitral by 30 percent. Since the government has agreed for the upward revision of the oil tankers’ freight rates for the hard areas, therefore All Pakistan PSO Carriage Contractor Association (APPCCA) has decided to end the week-long strike immediately, General Secretary All Pakistan PSO Carriage Contractor Association (APPCCA), Nauman Ali Butt said while talking to media. The consensus was reached here in a meeting of Chairperson OGRA Uzma Adil with the representatives of All Pakistan PSO Carriage Contractor Association (APPCCA). It was decided to review the cost of elements, other than HSD after every two years. It was also agreed that during this period APPCCA and oil tankers owners will ensure no strike of tankers lorries for any further revision.
The National Electric Power Regulatory Authority (Nepra) has allowed Rs7.2 per unit (6.54 cents) generation tariff for 1240MW power project of Punjab Thermal Power (Private) Limited, which will be run on re-gasified liquefied natural gas (RLNG), on ‘take or pay’ basis. Although the decision was taken by NEPRA with a majority vote but member tariff Himayatullah Khan, in his additional note, questioned a special treatment given to Punjab Thermal Power (Private) Limited (PTPL) in terms of guaranteed power purchase (take or pay). He said dozens of hydro, solar and bagasse power projects are being executed with take and pay clause. The demand of take or pay clause was also opposed by the intervener Anwar Kamal Law Associates (AKLA). The proposed plant, to be constructed in Jhang, will have combined cycle efficiencies of 61.16 percent and 55.76 percent on RLNG and HSD respectively and simple cycle efficiency of 39.2 percent on RLNG .
The State Bank of Pakistan (SBP) will observe January 1, 2018 as bank holiday and it will remain closed for public dealing on Monday next. All banks , Development Finance Institutions (DFIs), and Microfinance Banks (MBFs) shall, therefore, remain closed for public dealing on the above date. However, all employees of banks , DFIs, and MFBs will attend the office as usual, says a statement issued by the SBP here on Wednesday.
It recommended to stay cautious while trading today as market is exptected to remain volatile.

The Benchmark KSE100 Index is about to complete 61.8% correction of its last bearish rally which was started from 41851 and expired at 37736 after taking a dip of more than 4000 points. Index is moving in a bearish trend channel and right at the point of its correction its also capped by resistant trend line of said channel on daily chart therefore its recommended to stay cautios while trading today because index have moved around 3000 points straight in a row without any correction there if it would not become able to give a clear breakout of 40290 or 40600 then a correction could be witnessed in coming days. Yearly closing is just two trading sessions ahead there its very crucial level for Index because yearly closing above 40600 would add more two thousand points in index.