Trading volume at PSX floor increased by 1.38 million shares or 0.95%,DoD basis, whereas, the benchmark KSE100 Index opened at 42563.19, posted a day high of 42619.09 and a day low of 42101.68 during the last trading session. The session suspended at 42290.15 at day end with a net change of -376.08 points and a net trading volume of 67.99 million shares. Daily trading volume of KSE100 listed companies dropped by 25.93 million shares or 27.61%, DoD basis.
Foreign Investors remained in a net buying position of 1.2 million shares and a net value of Foreign Inflow increased by 4.57 million US Dollars. Categorically, Foreign Individuals and Overseas Pakistanis remained in net selling position of 0.06 and 1.63 million shares but Foreign Corporate Investors remained in net buying position of 2.9 million shares. On the other side Local Individuals and Companies remained in net buying positions of 0.75 and 7.45 million shares but Banks, NBFCs, Mutual Funds, Brokers and Insurance Companies remained in net selling positions of 2.69, 0.3, 4.02, 2.75 and 0.42 million shares respectively. On month till date basis foreign net sale have reached 3.84 million shares with a net outflow of 30.37 million US Dollars.
Asian shares were firm on Thursday while U.S. bond yields and the dollar held sizable gains made the previous day after President Donald Trump proposed the biggest U.S. tax overhaul in three decades. The dollar also drew support from strong U.S. durable goods orders data that cemented expectations the Federal Reserve is on course to raise interest rates for the third time this year in December. Japan's Nikkei .N225 rose 0.5 percent while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was little changed in early trade. On Wall Street, small-cap shares, seen as benefiting the most from the proposed tax cuts, soared. Russel 2000 small-cap index notched a record high, rising 1.9 percent for its biggest one-day gain in almost six months. The Dow Jones Industrial Average .DJI rose 0.25 percent while the S&P 500 .SPX gained 0.41 percent.
WAPDA/Electricity workers on Wednesday held a meeting under the aegis of All Pakistan WAPDA Hydro Electric Workers Union CBA at Bakhtiar Labor Hall. The meeting was presided over by veteran trade union leader and General Secretary Khurshid Ahmed. During the meeting, the union leaders urged the federal and provincial governments to take notice of the price hike of essential commodities. They said that basic necessities like vegetables, especially tomatoes and onions, are beyond the reach of common man. Government should introduce price freezing of essential commodities to check the profiteers and hoarders, they demanded.
A parliamentary committee was informed on Wednesday that in order to meet the enhanced demand of motor gasoline and to build up healthy stocks of the product, Oil Marketing Companies (OMCs) have been directed to import additional volumes in October 2017, otherwise punitive action would be taken against them. Standing Committee of National Assembly on Energy, which met under the chairmanship of Bilal Ahmad Virk, also observed the open sale of Iranian smuggled petrol at petrol pumps and has decided to invite representatives of Pakistan Customs, FIA and heads of provincial police departments to discuss the sale of smuggled petrol in the country.
The 153 kilometre long 500kv double circuit Neelum-Jhelum transmission line to evacuate 969MW electricity from Neelum-Jhelum Hydro Power Project would be completed by end of October 2017. So far 138km of transmission line has been completed while work on remaining part is continued on fast track, as according to the schedule, the National Transmission and Distribution Company (NTDC) has to construct the complete line by October 18, 2017, an official of Water and Power Development Authority (Wapda) on Wednesday informed the National Assembly Standing Committee on Planning, Development and Reforms. The official said that due to testing purposes, the system would need completed transmission line earlier than the scheduled operationalisation of the project. The committee was further informed that the national grid would receive 969MW additional electricity by February 2018 when the much awaited Neelum-Jhelum Hydropower Project would start its commercial operation.
Ousted prime minister Nawaz Sharif is likely to leave for London on Thursday (today). “Mian Sahib has planned to leave for London on Thursday to see his ailing wife Begum Kulsoom whose condition has deteriorated,” a PML-N leader told Dawn. He said Mr Sharif made a telephone call to London to inquire about her health. “He will return by Oct 2 to face trial in the accountability court in Islamabad,” he said.
Today FFC, HTL and STPL may lead the market in the positive direction.
The Benchmark KSE100 index has penetrated below key supportive region of 42450 during the last trading session and closed with a breakout of that level at 42290, for the current trading session index has supportive region around 42100-4200 while 42450 and 42560 may react as resistant regions. Ultimate supportive region might be at 41700 which may change the market direction on short term basis as breakout of that region might call for 40500 and 40000. Weekly closing below 41700 might create an evening star in response of last morning star which might push the index towards completion of its 3 wave of its Elliot wave. A cautious trading strategy is recommended for the current trading session.
0 Comments
No comments yet. Be the first to comment!
Please log in to leave a comment.