PSX Daily Market Review - 9th May 2017

Trading volume at PSX floor increased by 18.01 million shares or 5.84%, DoD basis. Whereas, the KSE100 Index opened at 49941.51 with a positive gap of 90.38, posted a day high of 50977.00 and a day low of 49932.13 during last trading session. The session suspended at 50935.91 with a net change of 1084.78 and a net trading volume of 145 million shares. Daily trading volume of KSE100 listed companies increased by 8.31 million shares or 6.08%, DoD basis.
Foreign Investors remained in a net selling position of 6.54 million shares but the net value of Foreign Inflow increased by 3.31 million US Dollars. Categorically, Foreign Individuals remained in a net buying position of 71500 shares but Foreign Corporate and Overseas Pakistani investors remained in net selling positions of 4.69 and 1.92 million shares, respectively. On the other side, Local Individuals, Mutual Funds and Brokers remained in net buying positions of 1.68, 2.56 and 1.76 million shares respectively but Local Companies and Banks remained in net selling positions of 1.41 and 1.33 million shares respectively.

Asian stock markets were mixed on Tuesday following a flat close on Wall Street, as investors searched for the next catalyst following French presidential election, while oil inched higher on expectations OPEC supply cuts will be extended. The South Korean stock market is closed for presidential elections of Tuesday, in which liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum after former President Park Geun-hye was removed on charges of bribery and abuse of power. MSCI broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.1 percent on Tuesday. Japanese Nikkei .N225 was also down 0.1 percent. Chinese CSI 300 index .CSI300 retreated 0.8 percent, while Hang Seng .HSI fell 0.1 percent. Taiwan stocks .TWII bucked the trend, surpassing the 10,000 point mark to hit a two-year high. They were last up about 0.2 percent.
The Oil and Gas Regulatory Authority (Ogra) has issued show-cause notices to seven top oil marketing companies (OMCs) for alleged overcharging and substandard sale of petroleum products in Azad Jammu and Kashmir (AJK). Informed sources said the regulator had also written to the AJK government to activate their district administration to take action against retailers found selling petroleum products of poor quality and lower quantity, and overcharging. The companies that have been issued show-cause notices include Pakistan State Oil (PSO), Shell Pakistan Ltd (SPL), Total Parco Marketing Ltd (TPML), Attock Petroleum Ltd (APL), Askar, Admore and Overseas Oil Trading Company Ltd (OOTCL).
The government on Monday excluded high-loss areas from electricity demand estimates as the electricity shortfall continued to cause extensive power cuts across the country. As a consequence, it also stopped the practice of releasing the energy demand-and-supply position that it started about a fortnight ago when the last heat wave subsided.
The State Bank of Pakistan (SBP) believes banks follow a discriminatory lending policy that hurts the economy and violates rules set for financial institutions. The SBP asked banks and development finance institutions (DFIs) on Monday not to discriminate against any segment of society. Banks and DFIs are required to desist from adopting discriminatory practices on the basis of trade, region, gender, ethnicity, specific profession, class or group of citizens, such as lawyers, politicians and officials of law enforcement agencies (LEAs).
Sugarcane crop would be cultivated over 1.1642 million hectares of land across the country during crop sowing season 2017-18 in order to fulfil the domestic requirements of sugar as well as for exporting. Sugarcane production targets have been fixed at 68.517 million tons during the period under review for getting an average yield of 58,824 kg per hectare, said an official in the Ministry of National Food Security and Research. He said that in Punjab Province sugarcane crop would be cultivated over 0.728 million hectares of land to produce about 44.00 million tons of the commodity.

Today EFERT, GATM, HBL and MCB can lead the market in the positive direction.

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