SUNRISE CAPITAL (PVT) LTD | 30 December 2016 | LANDING

KSE-100 Index ended 2016 on a cheery note, continuing its upbeat momentum; the 100 index extended its gain for the 5th consecutive session. Amid rising market participation, the 100 index clocked in a fresh all-time high of 47,933.8 in today’s session as investor remained upbeat on future prospects. Towards the end, the 100 index closed up 140.3 points or 0.29% at 47,806.97 level on the last trading day of 2016.

The benchmark index KSE100 has posted gains of 43.7% in CY16. Despite net foreign selling of US$340 mn left with 1 day, market generated above average return due to ample local liquidity. Benchmark KSE-100 index outperformed MSCI Frontier Market.

Relatively Slow activity witnessed in the market as turnover settled at 387 million shares as compared to 390 million shares in the last trading session. Shares of 393 companies were traded; at the end of the day 183 stocks closed higher, 194 declined, while 16 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 13.6 billion decreased by 11%.

Volatility prevailed in capital market; major activity witnessed in Engineering, Cement and Commercial Banking sector. The steel sector remained in the limelight with the highest turnover of 22mn shares, topped by DSL (up 5.3%) and ISL (up 1.13%).  In Cement sector, LUCK, DGKC, MLCF and ACPL remain positive in the whole session and appreciated their value by 2.16%, 0.3% and 1.97%, while DCL & FCCL drop by 4.12% and 0.46%. In Commercial Banks Sector HBL, UBL up by 2.26% and 1.15% while BOP drop its value by 3.80%.  Moreover in OMC Sector SHEL, PSO, HASCOL and APL appreciated by 4.16%, 1.43%, 0.11% and 0.31%.

Active list was topped by DSL with 45 million shares as it closed at PKR 12.13 with a positive change of PKR 0.61. BOP was the second highest on the volume chart with 38 million shares closed at PKR 17.70 with a negative change of PKR 0.70. It was followed by NIB with 18 million shares closed at PKR 1.80 with a positive change of PKR 0.15, DCL with 15 million shares closed at PKR 38.84 with negative change of PKR 1.67.

Today major trading activities were recorded in Engineering Sector as it was traded above 22 million shares followed by Cements sector which recorded the volume of 16.7 million shares whereas Commercial Banks sparked at 3rd place by trading above 16.6 million shares.

Highest increase was recorded in the shares of Sanofi Aventis, which rose by PKR 136.02 to PKR 2,856.43 per share; followed by Philip Morris Pak, that improved by PKR 100.00 to PKR 2,750.00 per share. Major decline was witnessed in the shares of Bata Pak, which fell by PKR 160.00 to PKR 4,310.00 per share; followed by Unilever Foods, dropped by PKR 82.00 to PKR 5,850.00 per share.

Ogra recommends up to 16.02% hike in PoL prices

Disbursements under PM loan scheme soar to Rs15b

Wapda to enhance Mangla Hydel capacity to 1310MW

SBP’s reserves increase 0.6%, amount to $18.299b

SUNRISE CAPITAL (PVT) LTD | 30 December 2016 | TAKE OFF

Ogra recommends up to 16.02% hike in PoL prices:

The Oil and Gas Regulatory Authority (OGRA) on Thursday recommended the government up to 16.02 percent increase in the prices of PoL products, it is learnt reliably here. Under its monthly price adjustment, OGRA has recommended, for January 2017, an increase of 0.47 percent or Rs0.31 per litre in the prices of Motor Spirit (Petrol). Similarly OGRA has advised an increase of 5.24 percent or Rs3.94 per litre in the prices of High Speed Diesel (HSD), 16.02 percent or Rs6.93 in the prices of Kerosene oil, 8.02 percent or Rs3.48 in the prices of Light Diesel Oil. According to the summary moved to the Ministry of Petroleum and Natural Resources and the ministry of Finance, an increase of Rs0.31 per litre has been recommended in the prices of Motor Spirit (Petrol), after the increase the price of petrol will go up to Rs66.58 per liter from the current Rs66.27. After an increase of Rs3.94 per litre, the prices of the High Speed Diesel will go up to Rs79.16 from the current Rs75.22 per litre.

CPEC soars to Rs5,700 bn:

Pakistan and China have formally approved to include ML-1 Peshawar-Karachi railway line project and some infrastructure projects in the framework of the China Pakistan Economic Corridor (CPEC), jacking up its overall size from $46 billion to $54 billion (approx Rs5,700 billion) as well as establishing eight industrial estates located in all the four provinces and special areas, including Fata, AJK, Gilgit-Baltistan and Islamabad Capital Territory (ICT).

Disbursements under PM loan scheme soar to Rs15b:

Loan disbursements of the National Bank of Pakistan (NBP) under the Prime Minister Youth Business Loan (PMYBL) scheme rose to approximately Rs15 billion with total number of borrowers exceeding 14,700 by December 28, 2016. “NBP effectively improved its internal processes for disbursement and as a result, we have witnessed significant growth in loan figures disburse under the PMYBL scheme,” said the NBP spokesperson. “Last year, the total portfolio of PMYBL Scheme of NBP was Rs6.25 billion and the total numbers of borrowers were 6,791. This year with 140 percent increase in loan portfolio size, a significant and impressive growth is witness in PMYBL scheme, roll out through NBP,” he added.

Wapda to enhance Mangla Hydel capacity to 1310MW:

The Pakistan Water and Power Development Authority (WAPDA) is implementing Mangla Refurbishment Project with an approved PC-I cost of Rs52.224 billion. The project, on its completion, will enhance generation capacity of the existing Mangla Hydel Power Station from 1000 megawatt (MW) to 1310MW, thus registering an increase of 310MW. This was stated by WAPDA Chairman Lt Gen (R) Muzammil Hussain during his visit to Mangla Dam on Thursday. The chairman had a detailed round of the main dam, spill way and the hydel power station. He also visited Khaliq Abad in the suburban area of Mirpur to view the reservoir rim, where project authorities carried out rehabilitation work to strengthen the reservoir rim.

CNG prices increased by up to Rs3.5/kg in Sindh:

Compressed natural gas (CNG) prices have been increased by up to Rs3.5 per kg across Sindh, the first hike following the government’s decision to deregulate the country’s CNG market. CNG prices in Karachi as well as in the rest of Sindh have now climbed to Rs70-71 per kg following a hike of Rs2.5-3.5 per kg, motorists said. They criticised the government decision to deregulate the CNG prices, leaving the users at the mercy of the CNG companies. Earlier this month, Ministry of Petroleum had issued a notice stating that CNG prices were now free from the Oil and Gas Regulatory Authority’s (Ogra) regulation. The deregulation allowed CNG station owners to set their own prices.

Foreign exchange: SBP’s reserves increase 0.6%, amount to $18.299b

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 0.6% on a weekly basis on December 23, according to data released by the central bank on Thursday. The SBP’s liquid foreign exchange reserves increased $109 million to $18,299.4 million compared to $18,190.4 million in the previous week. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,286.0 million. Net reserves held by banks amounted to $4,986.6 million. The increase in SBP’s reserves is due to official inflows.

Public debt rises to Rs19.647trln:

Government's total debt rose 11.34 percent to Rs19.647 trillion at the end of October from Rs17.645 trillion in the same period of the last fiscal year, the latest figures issued by the central bank showed. A higher pace of public debt accumulation indicates the government has been unable to reduce the size of the fiscal deficit during the current fiscal year due to the shortfall in revenues.

MPCL’s new well starts pumping gas:

Mari Petroleum Company Limited’s (MPCL) development well, ZS-3, located in Balochistan's Bolan block, has started pumping gas into the national grid, a report issued by the company said on Thursday.

“Mari Petroleum Company Limited is committed to contribute towards the national economy by bridging the energy gap in the country through aggressive exploration and production,” a representative of the company said after the announcement of production.

Admore Gas to rebrand retail sites:

Admore Gas will launch a “brand refresh” on January 1, 2017 in which 471 retail sites across the country will get modernised branding material, including a new logo, innovative design, customer-centric website, newsletter and social media, in a span of five years. According to a press release on Thursday, the “brand refresh” of one site will cost Rs3-4 million, which will amount to an investment of more than Rs 1.4 billion. Admore CEO Nadeem Jafarey said the company will rebrand 100 sites in 2017. The modernised look and design will be launched at 10 to 15 retail outlets nationwide and will later be expanded to the rest of Admore retail sites. The company’s volumes in 2016 grew to 174,000 metric tonnes against 31,000MT for 2015. In less than a year, Admore paid close to Rs1bn out of total defaulted legacy liabilities of Rs2bn, he said.

SUNRISE CAPITAL (PVT) LTD | 29 December 2016 | LANDING

The Pakistan Stock Exchange (PSX) benchmark-100 index opened with bullish momentum, gaining over 200 points soon after the opening bell. Pakistan equities staged a surprising rally that pushed benchmark KSE100 index to a new all-time high over 47713.34 levels. Increase in international oil prices kept local oil scrip in limelight.  Further Investor interest was seen in the Auto, Cement, Banks, OMC’s & Fertilizer sector. Moreover, Fertilizer sector  gained on the back of sales numbers released by National Fertilizer Development Centre (NFDC) for November, which indicated a month-on-month increase of 112pc for urea 32pc for DAP. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a rise of 0.49% or 242.03 points at 47,666.66 levels. Relatively Strong activity witnessed in the market as turnover settled at 390 million shares as compared to 273 million shares in the last trading session. Shares of 417 companies were traded; at the end of the day 282 stocks closed higher, 118 declined, while 17 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 13.90 billion increased by 6%.

Bulls remain active in capital market; major activity witnessed in Cement, Commercial Banks and Engineering sector. In Cement sector, Investor interest was seen in the cement sector on the back of anticipation that there will be a year-on-year growth in cement dispatches for December, surge by DCL +3.56%, ACPL +5.00%, LUCK +0.51%. In Commercial Banks Sector, Emerged as the top contributor towards the day’s rally with BOP gained +5.24%, JSBL +4.26%, +AKBL 0.60%.  Moreover in Engineering Sector, Index heavy DSL emerged as a top performer by 9.21%, KSBP gained by 5.00%, while ASL drops their value by 0.81%.In addition Fertilizers also came in limelight and traded higher as investors cheered provisional release of higher-than-expected urea offtake in November, EFERT FATIMA & FFBL gained +1.23%, +2.06%, +2.88%.

Active list was topped by DSL with 40 million shares as it closed at PKR 11.52 with a positive change of PKR 0.97. BOP was the second highest on the volume chart with 35 million shares closed at PKR 18.40 with a positive change of PKR 0.92. It was followed by KEL with 28 million shares closed at PKR 9.30 with a positive change of PKR 0.02, FCCL with 19 million shares closed at PKR 40.51 with a positive change of PKR 2.15.

Today major trading activities were recorded in Cement Sector as it was traded above 63 million shares followed by Commercial Banks sector which recorded the volume of 56 million shares whereas Engineering sparked at 3rd place by trading above 49 million shares.

Highest increase was recorded in the shares of Unilever Foods, which rose by PKR 282.00 to PKR 5932.00 per share; followed by Sanofi-Aventis, that improved by PKR 129.54 to PKR 2720.41 per share. Major decline was witnessed in the shares of Bata (Pak), which fell by PKR 230.00 to PKR 4470.00 per share; followed by Nestle Pakistan, dropped by PKR 145.71 to PKR 9000.00 per share.

Factors for Today:

·        340MW Nuclear Power Plant 'C-3' to be inaugurated Dec 28

·        Sindh makes case for collecting royalty on crude oil, gas

·        Nepra Okays Rs3.6/unit cut in tariff for Nov

·        Govt anticipates $4b investment in three industrial zones

·        Over 30% of manufacturing capacity standing idle

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Result Season.

SUNRISE CAPITAL (PVT) LTD | 29 December 2016 | TAKE OFF

Gas prices for power sector slashed by 35 percent:

The government has slashed gas prices for the power sector by about 35 per cent to Rs 400 per MMBTU from Rs 613 per MMBTU aimed at eliminating price disparity and reduce electricity generation cost. the ECC in its meeting on November 25, 2016 while considering its summary regarding "revision in gas sale prices" took the following decisions:(i) a reduction in gas sale price for industrial sector and captive power from Rs 600/MMBTU to Rs 400/MMBTU; (ii) in accordance with Fertilizer Policy 2001, the industrial sector gas sale price will also be applicable to fertilizer sector (fuel stock); and (iii) General Sales Tax would be charged @ Rs 100 per MMBTU on the gas sale price for the aforesaid consumers.Presently, the generation cost of electricity through gas-fired power plants was around Rs 5.5 per unit, which would further reduce the cost of electricity. Ministry of Petroleum & Natural Resources, sources said, recently informed a high-level meeting presided over by the Finance Minster that due to a shortage of gas in the country especially on SNGPL system, the decision had created a disparity between the consumers of SSGC system and SNGPL system.

Fertiliser sales in November jump 20% year-on-year:

Total fertiliser sales jumped to 1.58 million tons in November 2016 compared with 1.32 million tons in the same month of the previous year (up 20% year-on-year and 68% month-on-month), according to figures released by the National Fertilizer Development Centre (NFDC).Following its previous month performance, fertiliser off-take remained promising in November 2016 as well on the arrival of Rabi season coupled with continued support from the subsidy package announced in the budget for fiscal year 2017.

LESCO to introduce online system for new connections:

2017 would be the year of happiness for the industrial and domestic users of the Lahore Electric Supply Company (LESCO) as they would be given huge relief in many counts. Online application system is being introduced for new connections. On the occasion, the LESCO CEO said that online application system for new connections would not only make all the process very convenient but human links would also be abolished. He said that mobile meter reading has helped reduce line losses. Soon big consumers would also come in this setup and a new software is being introduced in this regard, he informed.He said that LESCO is contributing 25 percent in the total revenue generation of the distributions companies. He said that 0.7 million new meters are being purchased and 1.80 lakh out-of-order meters would be replaced with the new ones. He said that power transmission system is being upgraded to avoid untoward incidents. He said that SDOs of all divisions have been given the task to identify and rectify points where system needed to be repaired. He said that transformers of heavy capacity have been installed to get rid of the overloading issue.

Chinese Consortium signs $85m deal to buy 40pc of PSX:

Chinese-led Consortium has signed $85 million deal to purchase 40 percent stake in the Pakistan Stock Exchange (PSX). The group includes three Chinese exchanges and two Pakistani financial institutions. Both the Shanghai Stock Exchange and the Shenzhen Stock Exchange are involved in the deal. The three Chinese exchanges will hold a combined 30 percent stake, while their Pakistani partners will own 10 percent. The Pakistan Stock Exchange has been one of the best-performing markets in Asia in 2016, with its benchmark KSE 100-stock index gaining more than 40 percent this year. Pakistan has seen major Chinese investment in recent months under the China-Pakistan Economic Corridor (CPEC).

Auction for PIBs: government rejects all bids as banks seek higher margin:

The federal government Wednesday rejected all the bids in the auction for Pakistan Investment Bonds (PIBs). Analysts said most of the bids for the long-term investment bonds were submitted with higher margin compared to previous auction. Therefore, the government decided not to borrow and hence rejected all the bids. This was the third auction in a row for long-term bonds, which was rejected by the federal government.Mainly, the government conducts one auction for PIBs every month and previously, the federal government did not borrow in October and November through the auction for PIBs, they added. The State Bank of Pakistan (SBP) Wednesday conducted the auction for PIBs for 3-, 5-, 10-, and 20-year maturity to raise some Rs 50 billion for the federal government to meet its increasing financial requirements.

ECC permits export of 225,000MT sugar:

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday decided to export 225,000 metric tons of sugar despite commodity price has recorded increase in the country. The ECC under the chair of Finance Minister Senator Ishaq Dar has allowed exporting 225,000MT of sugar after ascertaining that there would be 1.23 million metric tons of surplus sugar available in the country. ECC also decided that the Ministry of Commerce should ensure that there are adequate checks and balances available to maintain the price stability in the domestic market at the current level. In case the domestic price stability is disturbed, the commerce ministry would bring summary to consider canceling the export permission to sugar exporters.

JCC meeting begins today:

The 6th Pakistan-China Joint Cooperation Committee (JCC) will meet in Beijing on Thursday to review progress on the ongoing corridor-related projects and identify new ones. A strong Pakistan delegation which includes chief ministers of four provinces will represent at the committee meeting. Planning and Development Minister Ahsan Iqbal will lead the delegation. Vice Chairman of National Development and Reforms will head the Chinese side. Working groups formed by the two countries on Gwadar, transport and industrial cooperation would submit their recommendations to the committee meeting. It is learnt that the Chinese government is expected to announce financing of $1 billion for the completion of three projects under China-Pakistan Economic Corridor (CPEC). According to officials, the amount would be spent on the construction of three additional highways related to the western route of CPEC.

ECC Approves Supply of 50 MMCFD Gas to Guddu Power Station:

Economic Coordination Committee (ECC) Wednesday approved a proposal of ministry of petroleum and natural resources regarding allocation of additional 50 MMCFD available gas from Habib Rahi Limestone (HRL) reservoir to Thermal Power Station Guddu.Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the ECC of the Cabinet here at the Prime Minister's office.The proposal of ECC is approved subject to installation of compression plant by Thermal Power Station Guddu and allocation of additional upto 26 MMCFD available gas from HRL reservoir to M/s Engro Fertilizer Ltd's old plant for continuation of the plant.

SNGPL announces profit of Rs1.4b for quarter ended Sept 30:

Sui Northern Gas Pipeline Limited (SNGPL) announced a net profit of Rs1.4 billion for the quarter ended on September 30 compared to a loss of Rs548 million in the same period last year, according to a company notice sent to the Pakistan Stock Exchange (PSX). The result was in line with expectations, stated a Topline Securities report. Gross sales of the company increased by 21% year-on-year to Rs72 billion in first quarter of fiscal year 2017 (1QFY17) led by higher revenues on account of LNG sales. Gross profits of the company also improved to Rs3.9 billion in 1QFY17 compared to Rs554 million in 1QFY16. We attribute this to higher sales and lower Unaccounted for Gas (UFG) losses during the quarter, stated the notification.

SUNRISE CAPITAL (PVT) LTD | 28 December 2016 | LANDING

Bulls take the charge again as PSX touch an all time high of 47,563.46 pts to stop the bears. Equities observe positive trading day as an across the board increase was seen. Recovery in international crude oil prices kept local oil scrip and index in bullish circle. Banking, Cement & E&P sector remained in limelight participating heavily in keep market on positive track. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a rise of 1.07% or 504.16 points at 47,424.63 levels. Relatively Strong activity witnessed in the market as turnover settled at 273 million shares as compared to 198 million shares in the last trading session. Shares of 409 companies were traded; at the end of the day 228 stocks closed higher, 161 declined, while 20 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 13.12 billion increased by 58%.

Bulls remain active in capital market; major activity witnessed in Cement, Power Generation & Distribution and Commercial Banks sector. In Cement sector, the cement sector performed well with almost all stocks closing in the green in anticipation of healthy dispatches recorded in December. Cements were in the limelight with DG Khan Cement going up 2.48%, Lucky Cement up by 1.08% and DCL up 4.81%. In Power Generation Sector, 340MW Nuclear Power Plant 'C-3' to be inaugurated today. KEL, KAPCO, NPL surge their value by 0.54%, 0.71%, 2.64%. Moreover in Banking Sector, Index heavy Habib Bank (HBL 1.14%), MCB emerged as a top performer by 2.33%, while BOP drop their value by 0.11%. In addition Positive sentiments prevailed in oil marketing companies as investors took fresh bets, which lifted HASCOL SHEL PSO up by 1.91%, 1.96%, and 0.97%.

Active list was topped by KEL with 21 million shares as it closed at PKR 9.25 with a positive change of PKR 0.05. DCL was the second highest on the volume chart with 18 million shares closed at PKR 39.01 with a positive change of PKR 1.79. It was followed by BOP with 13 million shares closed at PKR 17.56 with a negative change of PKR 0.03, SNGP with 13 million shares closed at PKR 78.59 with a negative change of PKR 0.54.

Today major trading activities were recorded in Cement Sector as it was traded above 45 million shares followed by Power Generation & Distribution sector which recorded the volume of 34 million shares whereas Commercial Banks sparked at 3rd place by trading above 31 million shares.

Highest increase was recorded in the shares of Nestle Pakistan, which rose by PKR 433.20 to PKR 9145.71 per share; followed by Sanofi-Aventis, that improved by PKR 123.37 to PKR 2590.87 per share. Major decline was witnessed in the shares of Wyeth Pak Ltd, which fell by PKR 110.24 to PKR 4605.76 per share; followed by Millat Tractors, dropped by PKR 16.47 to PKR 872.64 per share.

Sui Northern Gas Pipelines Limited announced its 1QFY17 result for the period ended September 30, 2016. Profit clocked in @ PKR 1.39 million translating into EPS of PKR 2.21.

Factors for Today:

·        340MW Nuclear Power Plant 'C-3' to be inaugurated Dec 28

·        Sindh makes case for collecting royalty on crude oil, gas

·        Nepra Okays Rs3.6/unit cut in tariff for Nov

·        Govt anticipates $4b investment in three industrial zones

·        Over 30% of manufacturing capacity standing idle

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Result Season.

SUNRISE CAPITAL (PVT) LTD | 28 December 2016 | TAKE OFF

340MW Nuclear Power Plant 'C-3' to be inaugurated Dec 28:

A 340MW extension unit of the Chashma Nuclear Power Plant (CHASNUPP), titled C-3, is all set to be connected to the national grid on Wednesday, reported Radio Pakistan. The plant has been completed with support from China, the report added. Prime Minister Nawaz Sharif is expected to inaugurate the plant. The project was executed by the Pakistan Atomic Energy Commission under the guidelines of the International Atomic Energy Agency. Another unit of the same capacity, titled C-4, is expected to be connected to the national grid in the future. CHASNUPP Unit-1 and CHASNUPP Unit-2 are already functional.

Sindh makes case for collecting royalty on crude oil, gas:

The Sindh government has asked the federal government to stop collection of royalty on crude oil and allow provinces to collect the same under their own laws as a ‘constitutional residual subject’, it emerged on Tuesday. Officials said the provincial government raised the issue at a recent meeting of the Council of Common Interests (CCI) in which Sindh Chief Minister Murad Ali Shah said the ‘ownership right’ of the provinces over mineral oil and natural gas had never been an issue.

Nepra Okays Rs3.6/unit cut in tariff for Nov:

The National Electric Power Regulatory Authority (NEPRA) on Tuesday approved Rs3.6 per unit reduction in power tariff for ex-Wapda distribution companies for November under a monthly fuel adjustment formula. At a public hearing presided over by NEPRA Chairman Brigadier (retired) Tariq Saddozai, the authority observed that Discos charged Rs7.3040 per unit in November on account of fuel cost from the electricity consumers, while the actual fuel cost was significantly lower. The authority decided that Rs3.6 per unit may be returned to Discos domestic power consumers for November under the monthly fuel price adjustment. The decision will help domestic consumers to get a relief of Rs24b.

Govt anticipates $4b investment in three industrial zones:

The government is expecting $4 billion as fresh investment in three industrial zones that will be set up in Punjab and Khyber-Pakhtunkhwa (K-P) along the China-Pakistan Economic Corridor (CPEC) routes, said a senior official of Faisalabad Industrial Estate Development and Management Company. In the first phase, the Faisalabad Industrial Estate, Sheikhupura Industrial Estate and Haripur Industrial Estate are expected to fetch over Rs400 billion or nearly $4 billion investment in setting up factories and purchasing land, said Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chief Operating Officer Aamir Saleemi while talking to The Express Tribune.

Over 30% of manufacturing capacity standing idle:

Textile exporters have reiterated the demand for early announcement of the incentive package promised by the premier to control the widening trade deficit as substantial export capacity has been shut down because of high energy cost and other factors. Commenting on recent trade figures in a statement on Tuesday, Pakistan Textile Exporters Association (PTEA) Chairman Ajmal Farooq and Vice Chairman Muhammad Naeem expressed concern over the growing trade gap and shrinking exports.

Dollar gains, sterling slides after Christmas:

The dollar inched higher against the yen and a handful of other major currencies in holiday-thinned trade on Tuesday, with sterling by far the biggest faller as concerns over next year’s Brexit negotiations continued to weigh heavily. Going into the final week of 2017, the trend remains towards a stronger US currency, although a 1% retreat for the greenback before Christmas suggested any attack on 120 yen and parity with the euro may have to wait until January.

US asked to contribute to CPEC:

Privatization Commission (PC) Chairman Muhammad Zubair on Tuesday urged US investors to contribute to the China-Pakistan Economic Corridor (CPEC). Speaking to US Ambassador to Pakistan David Hale, the PC chairman acknowledged the US companies’ contribution to the Pakistani economy. He noted that the United States is one of the oldest trading partners of Pakistan, adding that it remains one of the top sources of foreign direct investment (FDI).Mr Zubair briefed the US ambassador about the privatization program, saying that some of the key public-sector entities on the privatisation list are in the final stage of due diligence.

60-paisa increase in KE tariff:

National Electric Power Regulatory Authority (Nepra) on Tuesday approved a refund of Rs 3.60 per KWh in tariff of power Distribution Companies (Discos) and 60-paisa increase in tariff for K-E consumers for November 2016 under monthly fuel price adjustment mechanism. These decisions were taken at two public hearings presided over by Chairman Nepra, Brigadier Tariq Saddozai (Retd). Members from Sindh and Balochistan were also present in the hearing. The officials of Central Power Purchasing Agency (CPPA) and KE pleaded their case. Chairman Nepra clarified that Discos overcharged consumers in November and that money is being refunded to them.

Government/semi-government entities: SBP relaxes condition of obtaining identity documents:

The State Bank of Pakistan (SBP) has relaxed the condition of obtaining photocopies of identity documents of directors in case of government/semi-government entities for banking relationship. Amending the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations for banks & DFIs, the SBP in its circular BPRD Circular No 38 of 2016, said that AML/CFT Regulations requires banks/DFIs to obtain photocopies of identity documents of all the directors and persons authorized to open and operate the account while establishing banking relationship with limited companies/corporations. In this regards, the SBP has clarified that the condition of obtaining photocopies of identity documents of directors of limited companies/corporations is relaxed in case of government/semi-government entities, where banks/DFIs should obtain photocopies of identity documents of only those directors and persons who are authorized to open and operate the account.

SUNRISE CAPITAL (PVT) LTD | 27 December 2016 | LANDING

Market stated an overall positive session. Market started after a positive open, gained steadily until mid-day with index heavy exploration and production. The benchmark KSE-100 index, break out into another rally that saw it touch an intra-day peak of 46985.65 points. Participation volume were limited as most of the investor preferred to stay sideline. Depreciating Yen helped auto sector to prosper. Further Result season is about to start this would keep help market to recover the previous losses. Moreover CPEC, MSCI and result season make the market in positive mode.  At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a rise of 0.49% or 90.43 points at 46,920.47 levels.Relatively Strong activity witnessed in the market as turnover settled at 198 million shares as compared to 179 million shares in the last trading session. Shares of 393 companies were traded; at the end of the day 199 stocks closed higher, 173 declined, while 21 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 8.29 billion increased by 28%.

Bulls remain active in capital market; major activity witnessed in Commercial Banks, Cement and Engineering sector. In Banking sector, BOP, HBL, JSBL remain the positive and up their value by 2.09%, 1.96%, 2.24%. Interest was seen in Cement Sector, Dewan Cement gained to close at its upper circuit for the Third consecutive session, increase by 4.58%, LUCK, KOHC  appreciated their value by 0.85%, 2.94%.Moreover in Engineering Sector, DSL, KSBP ASL increase their value by 1.52%, 3.28%, 0.31%. In addition positive contribution came from E&P & OMC Sector SNGP SSGC increase by 4.62%, 2.51% while HASCOL close its upper circuit 5.00%. MARI OGDC POL edged higher by 0.68%, 0.33%, 0.47%.

Active list was topped by DCL with 15 million shares as it closed at PKR 37.23 with a positive change of PKR 1.63. BOP was the second highest on the volume chart with 13 million shares closed at PKR 17.58 with a positive change of PKR 0.36. It was followed by DSL with 13 million shares closed at PKR 10.68 with a positive change of PKR 0.16, KEL with 11 million shares closed at PKR 19.20 with no change

Today major trading activities were recorded in Commercial Banks Sector as it was traded above 27 million shares followed by Cement sector which recorded the volume of 23 million shares whereas Engineering sparked at 3rd place by trading above 21 million shares.

Highest increase was recorded in the shares of Philip Morris Pak, which rose by PKR 121.17 to PKR 2752.08 per share; followed by Sanofi-Aventis, that improved by PKR 117.50 to PKR 2467.50 per share. Major decline was witnessed in the shares of Pak Services, which fell by PKR 46.50 to PKR 883.50 per share; followed by Sapphire Fiber, dropped by PKR 40.00 to PKR 970.00 per share.

Factors for Today:

·        SECP revamps operations to promote corporatization, Companies can now be registered with SECP in a day

·        China to finance three more road projects under CPEC

·        China to reduce trade tariff for Pakistan

·        All CMs invited to attend JCC in Beijing on Dec 29

·        Oil Prices Rise Higher Ahead of Production Cut

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Panama Leak Case 

SUNRISE CAPITAL (PVT) LTD | 27 December 2016 | TAKE OFF

SECP revamps operations to promote corporatization, Companies can now be registered with SECP in a day:

In order to further promote corporatization in the country, Securities and Exchange Commission of Pakistan (SECP) has revamped operations at its three major offices located at Islamabad, Lahore and Karachi. Incorporation and facilitation desks have been established at these Company Registration Offices which would ensure facilitation to the investors so that the companies are incorporated within a day. Further, in order to reduce the turnaround time in business start-up and ease the process of incorporation, registration of companies with a single object has been allowed which will enable registration of companies on the same day subject to the condition that the registration documents are filed under online mode. This swift mode of registration is likely to further corporatize the business sector.

China to finance three more road projects under CPEC:

Beijing has pledged to finance three more road projects under the China-Pakistan Economic Corridor (CPEC), making its total contribution to the corridor-related road projects to Rs1.025 trillion so far. China will provide Rs107.76 billion as soft loan for the three new projects, National Highway Auth­ority (NHA) spokesman Kashif Zaman told Dawn on Monday. It is already providing Rs917bn for another three road projects. The three new projects to be financed by China fall on the western route of the corridor. They include a 280-kilomtre road from Raikot to Thakot at a cost of Rs8bn, 210km dual carriageway from Yarik to Zhob (Rs80bn), and a 110km road from Basima to Khuzdar (Rs19.76bn).

China to reduce trade tariff for Pakistan:

China's Ministry of Finance (MoF) will adjust down ward tariffs on a number of exports and imports from various countries including Pakistan. The new plan comes into force from next year, according to the Ministry of Finance (MoF) website, reports Xinhua news. To meet domestic demand, tax rates will be lower on some imported commodities next year. In line with trade pacts, more imports from Hong Kong and Macao will be tariff-free next year, while some commodities from countries including the Republic of Korea, Australia, Pakistan and New Zealand will see reduced tariffs. The number of items to be taxed in 2017 will reach 8,547, said the plan.

All CMs invited to attend JCC in Beijing on Dec 29:

The progress of China Pakistan Economic Corridor (CPEC) would be reviewed during the upcoming meeting of Joint Cooperation Committee (JCC), scheduled to be held on December 29 in Beijing. Federal Minister for Planning, Development and Reform Ahsan Iqbal is scheduled to lead the Pakistani delegation to participate in the meeting, while the Chinese side would be led by the vice chairman of National Development and Reform (NDRC). On the invitation of the federal government, the chief ministers of all provinces are expected to attend the meeting.

Oil Prices Rise Higher Ahead of Production Cut

Crude futures ticked marginally higher in muted trading in Asia on Tuesday morning as the market remains optimistic ahead of a landmark effort by oil producers to reduce global supply. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $53.17 a barrel at 0213 GMT, up $0.15 in the Globex electronic session. February Brent crude on London's ICE Futures exchange rose $0.04 to $55.20 a barrel. Oil markets were closed on Monday for the Christmas holiday.

Forum urges ECO countries to adopt trade promotion strategy:

The Investment Promotion Agencies (IPA) of the Economic Cooperation Organisation (ECO) on Monday proposed a strategy for the promotion of trade and investment among member countries. The IPA forum, set up by the ECO ministerial meeting of finance and economy in Tehran in December 2008, held its first meeting in Islamabad yesterday after eight years. The proposed ECO regional trade and investment strategy is purposed for cooperation among member countries to strengthen regional market, create wealth in the region and enhance competitiveness through increased production, value-added creation, and trade and investment inflows in the region.

Nepra to approve Rs 3.60 per unit refund of Discos:

National Electric Power Regulatory Authority (Nepra) is all set to approve Rs 3.60 per unit refund of power Distribution Companies (Discos) and 60 paisa increase in tariff for KE consumers for November 2016 under monthly fuel price adjustment mechanism. Nepra which is fighting for "autonomy" would hear tariff petitions of Central Power Purchasing Agency (CPPA) and KE on Tuesday (today). CPPA, in its petition has claimed that it has not purchased a single unit of electricity generated on coal and High Speed Diesel (HSD) in November 2016, hence, did not quote their price in the tariff petition. The total generation from hydel sources was 2,842.53 GWh in November which was 41 per cent of total generation. However, hydel generation has massively reduced from last week after reduction in water releases from Tarbella and Mangla reservoirs.

Damage to fibre optic cables disrupts PTCL, cellular services in Pakistan:

PTCL data and cellular services in different parts of the country were disrupted Monday owing to a major fault in the PTCL back-end network. Internet subscribers of different cellular companies reportedly also faced difficulties due to the disruption, it was reported. The outage also brought to halt Pakistan Railway's e-ticketing system. PTCL and Ufone subscribers in Islamabad, Karachi, Lahore and Peshawar reported degraded services, according to DawnNews.

SUNRISE CAPITAL (PVT) LTD | 26 December 2016 | LANDING

Pakistan Stock Exchange (PSX) started a day at optimistic note at 46660.53 points. Equities opened positive but struggled continuously to recover the point loss in previous session makes the benchmark 100- Index to touch intra-day high of 46898.59 points or Intra-day low at 46622.42 points. Moreover, Divestment of Chinese investors in PSX brings development in capital market make the positive sentiments for the market. Further surge in crude oil prices make the investors to divert concentration in local oil scripts. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a rise of 0.12% or 55.74 points at 46,689.73 levels. Relatively Dull activity witnessed in the market as turnover settled at 179 million shares as compared to 229 million shares in the last trading session. Shares of 386 companies were traded; at the end of the day 185 stocks closed higher, 181 declined, while 20 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 6.46 billion decreased by 17%.

Bulls remain active in capital market; major activity witnessed in Technology & Communication, Commercial Banks and Chemical sector. In Technology sector, TRG, AVN remain the positive and up their value by 3.89%, 3.43%, while PAKD drop their value by 1.81%. In Commercial Bank Sector, BOP appreciated their value by 1.97%, while HBL, BAHL down their value by 0.67%, 2.73%. Moreover in Chemical Sector, EPCL drop by 0.38% while ICI, ARPL appreciated by 4.86%, 1.34%.

Active list was topped by TRG with 18 million shares as it closed at PKR 45.51 with a positive change of PKR 1.69. EPCL was the second highest on the volume chart with 13 million shares closed at PKR 18.06 with a negative change of PKR 0.07. It was followed by KEL with 11 million shares closed at PKR 9.20 with a negative change of PKR 0.04, DSL with 9 million shares closed at PKR 10.52 with a positive change of PKR 0.07.

Today major trading activities were recorded in Technology & Communication Sector as it was traded above 23 million shares followed by Commercial Banks sector which recorded the volume of 23 million shares whereas Chemical sparked at 3rd place by trading above 21 million shares.

Highest increase was recorded in the shares of Wyeth Pak Ltd, which rose by PKR 163.66 to PKR 4717.20 per share; followed by Philip Morris Pak, that improved by PKR 124.66 to PKR 2630.91 per share. Major decline was witnessed in the shares of Bata (Pak), which fell by PKR 81.79 to PKR 4700.00 per share; followed by Sanofi-Aventis, dropped by PKR 60.96 to PKR 2350.00 per share.

Factors for Today:

·        Iranians showing interest in the Pakistan Steel Mills

·        K-E seeks duty concessions on IPP pattern

·        Money Market: Bank borrowings increase

·        Disruption in oil supplies to power plants feared

·        PPL invests Rs25 billion to increase gas production in Sindh

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Panama Leak Case

SUNRISE CAPITAL (PVT) LTD | 26 December 2016 | TAKE OFF

Iranians showing interest in the Pakistan Steel Mills:

A 10-member delegation of Mobarakeh Steel Company of Iran has reached Karachi to examine possibilities of acquiring Pakistan Steel Mills (PSM) as China's Boa Steel Group is almost "silent" after showing interest in the entity. Secretary Industries and Production, Khizer Hayat Gondal informed a parliamentary panel last week that the government is determined to privatise the PSM but it is facing difficulties in finding prospective buyers in the market. Well-informed sources told Business Recorder that the accounts of PSM have not been audited for the last three years and it is difficult for auditors to evaluate the actual price of the national asset. The auditors have also not decided that PSM should be privatized as a going concern.

K-E seeks duty concessions on IPP pattern:

K-Electric (company) has approached Federal Board of Revenue (FBR) seeking customs duty concessions on the same pattern as available to Independent Power Producers (IPPs) to allow all power generation projects/IPPs connecting/supplying power to K-Electric to enjoy duty concessions. Sources told Business Recorder that the company has also explained in detail the rationale behind proposed duty concessions on import of plant machinery and equipment for an IPP being built to supply power to K-Electric.

Money Market: Bank borrowings increase:

THE government raised Rs147.25bn from the auction of Market Treasury Bills of various tenors last Wednesday, missing its target of Rs200bn and also falling short of the received amount of Rs193.52bn. Of the total, three month T-bills fetched Rs103.78bn at a cut off yield of 5.99pc, followed by six month T-bills with Rs43.46m at 6.01pc. Bids received for 12 months were rejected. The central bank had received total bids worth Rs193.52bn: 3 month T-bill Rs118.58bn, followed by 6 month T-bill Rs72.59bn and 12 month T-bill Rs2.36bn.

Sugar mills resume operations:

ALMOST half of Sindh’s sugar mills suspended crushing by the middle of this month, owing to ‘no’ or ‘scant’ cane supplies. These sugar mills — mainly belonging to one group — started crushing on November 15 as per the understanding reached with growers on cane price in Oct 7 meeting in Karachi. But, the millers said, sugarcane growers stopped supplying cane hoping that mills would increase the cane rate. “We closed our mills in line with the policy of the Pakistan Sugar Mills Association, being its member, otherwise we were getting normal supplies of sugarcane. The PSMA took this decision to suspend crushing in the wake of inadequate supplies of sugarcane to other mills”, says Mohammad Ali Shah Jamote, owner of Matiari sugar mills, which commences crushing in late October or early November every season.

Largest gas field: Centre flouts law by giving extension in Sui lease:

The federal government has admitted that it has violated the spirit of 18th Constitutional Amendment by giving extension in mining lease for Sui – the country’s largest gas field – to Pakistan Petroleum Limited (PPL) without consent of the Balochistan government. Under the new arrangement, consumer gas prices are likely to jump up 9.7% in order to recover Rs25.4 billion following the increase in gas price for the Sui field located in Dera Bugti, Balochistan.

Saudi Arabia to sell 49% of Aramco within decade: report

Saudi Arabia plans to sell up to 49% of its oil giant Saudi Aramco within 10 years as the world’s largest crude exporter tries to lower its deficit, local media said Saturday. The Al-Eqtisadiah daily quoted an unnamed official as saying the sale would raise funds to be spent “at home and abroad” in what is expected to form the world’s largest state investment fund. The Kingdom is looking to diversify its oil-dependent economy and has already announced cutbacks after its 2015 deficit snowballed to $97 billion (93 billion euros).

Ties with Iran: Ambassador stresses increasing trade volume:

There is tremendous scope to strengthen trade and economic ties between Pakistan and Iran, as both countries are big markets and home to a joint population of 280 million people. This was said by Pakistan Ambassador to Iran Asif Khan Durrani during his visit to the Lahore Chamber of Commerce and Industry (LCCI). Former LCCI presidents and executive committee members also spoke on the occasion.

CDWP clears three CPEC-related projects:

Just days before their official inclusion in the China-Pakistan Economic Corridor (CPEC), the government on Friday cleared three infrastructure projects along the western and eastern routes at a cost of Rs109 billion, fulfilling the last formality for their inclusion into CPEC. The Central Development Working Party (CDWP) cleared these schemes so that they could be placed before the Joint Cooperation Committee meeting (JCC) – the body mandated to add or delete any project in CPEC. The JCC meetings will take place in Beijing next week.

Disruption in oil supplies to power plants feared:

Pakistan is again facing the spectre of oil shortage that may hamper the flow of fuel to armed forces and spark prolonged power outages as outstanding bills of electricity producers for oil supplies are piling up. Pakistan State Oil (PSO), the state oil marketing giant, has warned the government that oil supplies may be disrupted in the wake of financial crisis being faced by the company due to delay in settling of its dues by the power producers.

Non-filers will have to pay more tax next fiscal year:

Federal Board of Revenue (FBR) Chairman Nisar Muhammad Khan has said that broadening of the tax net is vital for better development of the country and business community should cooperate in realising the goal. “Higher tax on non-filers of returns compared to filers is meant to encourage tax culture in the country and in next budget, tax rates for the non-filers will be further enhanced so that more people could be attracted to the tax net,” he said while talking to business community at the Islamabad Chamber of Commerce and Industry (ICCI).

PPL invests Rs25 billion to increase gas production in Sindh:

Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said that Pakistan Petroleum Limited (PPL) has so far invested Rs25 billion to set up three gas processing facilities at Gambat, Sindh. The facilities would help increase gas production and address the issue of gas crisis in the country, he said, after inaugurating the Gas Processing Facility II (GPF-II) of 50 million standard cubic feet per day (mmscfd) at Gambat South Block.

SUNRISE CAPITAL (PVT) LTD | 23 December 2016 | LANDING

Pakistan equities extended losses as profit-taking continued in the wider market, dragging the index down for the third successive day. Volatility prevailed in the market as the index traded between an intraday high of 46826.71 points and intraday low of - 46443.22 points. Stocks closed bearish amid institutional profit-taking on concerns for dull data on the current account deficit and foreign outflows. Further decline in International crude oil prices led to decline in local oil scrip. Moreover, the Pakistan Stock Exchange took another major step forward as a consortium comprising of three Chinese Exchanges together with two Local Financial Institutions won the bid for the 40% strategic stake of Pakistan Stock Exchange (PSX). At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a fall of 0.14% or 65.79 points at 46,633.99 levels. Relatively Dull activity witnessed in the market as turnover settled at 229 million shares as compared to 270 million shares in the last trading session. Shares of 380 companies were traded; at the end of the day 192 stocks closed higher, 163 declined, while 25 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 7.74 billion decreased by 24%.

Volatility prevailed in capital market; major activity witnessed in Transport,   Commercial Banks and Chemical sector. In Transport sector, PIBTL remain in the red and declined their value by 4.66%, while, PICT PIAA improve their value by 1.63%, 0.34%. In Commercial Bank Sector, BOP, UBL, MCB down their value by 0.89%, 2.21%, 1.67%.Moreover in Chemical Sector, According to notice issued by PSX, EPCL increase its annual PVC production capacity & with an estimated capex of US $9 million, make the script in positive and up by 3.82%, ARPL appreciated by 2.06% while, WAHN drop by 4.76%.

Active list was topped by PIBTL with 37 million shares as it closed at PKR 33.54 with a negative change of PKR 1.69. EPCL was the second highest on the volume chart with 26 million shares closed at PKR 18.19 with a positive change of PKR 0.46. It was followed by DSL with 12 million shares closed at PKR 10.43 with a negative change of PKR 0.38, BOP with 9 million shares closed at PKR 16.77 with a negative change of PKR 0.17.

Today major trading activities were recorded in Transport Sector as it was traded above 40 million shares followed by Commercial Banks sector which recorded the volume of 31 million shares whereas Chemical sparked at 3rd place by trading above 30 million shares.

Highest increase was recorded in the shares of Rafhan Maize, which rose by PKR 400.00 to PKR 8400.00 per share; followed by Bata (Pak), that improved by PKR 226.79 to PKR 4781.79 per share. Major decline was witnessed in the shares of Wyeth Pak Ltd, which fell by PKR 100.90 to PKR 4553.54 per share; followed by Sapphire Textile, dropped by PKR 60.00 to PKR 1290.00 per share.

Factors for Today:

·        PSX Divestment deal finalized at PKR 28/share: Chinese consortium wins bid for 40% stake

·        Oil prices fall on profit taking, strong dollar

·        Profit repatriation surpasses FDI by 28%

·        Mobilink, Warid merger deal

·        Reserves dip $163m

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Panama Leak Case

SUNRISE CAPITAL (PVT) LTD | 23 December 2016 | TAKE OFF

PSX Divestment deal finalized at PKR 28/share: Chinese consortium wins bid for 40% stake

A Chinese consortium won the bid for a 40% stake in the Pakistan Stock Exchange (PSX) with an amount of Rs8.96 billion or roughly $85.5 million, translating to Rs28 per share. The consortium comprises the Shanghai Stock Exchange, Shenzhen Stock Exchange, Chinese Financial Futures Exchange Company Limited, Pak-China Investment Company and Habib Bank Limited. The development, which means management control of the stock exchange’s core operations goes to the strategic investors, was confirmed by the PSX divestment committee chairman Shehzad Chamdia Thursday.

Oil prices fall on profit taking, strong dollar

Oil prices slipped on Friday in thin Asian trade ahead of the Christmas and New Year holidays, wiping out some of the gains in the previous session as traders took profits. A strong dollar also weighed on sentiment. U.S. West Texas Intermediate crude fell 31 cents to $52.64 a barrel as of 0127 GMT after settling 46 cents, or 0.9 percent, up in the previous session. Brent futures for February delivery dropped 30 cents to $54.75 a barrel after ending the previous session up 59 cents, or 1.1 percent.

Profit repatriation surpasses FDI by 28%:

The repatriation of foreign exchange in the form of profits and dividends on foreign direct investment (FDI) surpassed the net FDI inflow by 28 per cent in the first five months of the current fiscal year. Data released by the State Bank of Pakistan (SBP) on Thursday shows that the outflow in the form of profits and dividends on FDI was $591 million in July-Nov. The country received a total FDI of $460m during the same five months, which shows the outflow was higher than the inflow by $131m or 28pc. FDI fell 45pc year-on-year in the five months, putting pressure on the government that is already facing rising debt servicing and declining foreign exchange inflows.

Reserves dip $163m:

Pakistan’s total liquid foreign exchange reserves amounted to $23.1 billion on December 16, down $163 million or 0.7 per cent from a week ago, the State Bank of Pakistan (SBP) said on Thursday. According to a statement released by the central bank, the SBP’s reserves also decreased $133 million to $18,190m. The decrease in SBP’s reserves was due to external debt servicing and other official payments, it said. Net foreign exchange reserves held by commercial banks amounted to $4.9bn on Dec 9, registering a nominal decrease over the preceding week.

Mobilink, Warid merger deal:

VimpelCom, Global Telecom Holding (GTH), together with Warid Telecom Pakistan and Bank Alfalah (Dhabi Group shareholders), on Thursday received the approvals from Islamabad High Court to merge Pakistan Mobile Communications Limited (Mobilink) and Warid Telecom (Warid), said a press release. Earlier this year Mobilink and Warid had received approvals from Pakistan Telecom Authority, Competition Commission of Pakistan, SECP, local and international creditors and SBP.

Governments end bickering ahead of CPEC Beijing meeting:

The federal and provincial governments have decided to take up the case of Pakistan jointly and effectively during the forthcoming meeting of Joint Co-ordination Committee (JCC) on China-Pakistan Economic Corridor (CPEC) scheduled for December 29 in Beijing. "Consensus was reached between the federal and provincial governments to make China-Pakistan Economic Corridor (CPEC) a success for the brighter and prosperous future of the country. The 6th meeting of the Joint Co-operation Committee (JCC) between Pakistan and China is scheduled to be held in Beijing on December 29 this year. Ministers, senior officials and experts from both countries would review progress on the ongoing projects under CPEC framework on this occasion," Federal Minister for Planning, Development and Reforms Ahsan Iqbal told media after a consultative meeting of Pak-China Joint Co-operation Committee in Islamabad on Thursday.

SUNRISE CAPITAL (PVT) LTD | 22 December 2016 | LANDING

Pakistan Equities finally broke the longest positive streak 14 positive sessions. PSX required long-due correction, which was healthy for the market. Stocks opened sideways and market struggled to find a clear direction on thin volumes in early trade.

Moreover, selling pressure in the market, by mid-day a slow descent turned into a sharp dip as reportedly leveraged players and panic sellers dumped holdings to pull benchmark KSE 100-share Index finished with a decline of 0.62% or 293.53 points to finish at 46,699.78 levels. Relatively Dull activity witnessed in the market as turnover settled at 270 million shares as compared to 388 million shares in the last trading session. Shares of 384 companies were traded; at the end of the day 124 stocks closed higher, 239 declined, while 21 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 10.21 billion decreased by 39%.

Volatility prevailed in capital market; major activity witnessed in Commercial Banks,   Transport and Engineering sector. In Commercial Banks sector, Banks retreated the most with BOP HBL JSBL down by 3.00pc, 3.55pc, 4.17pc. In Transport Sector, According to notice issued by PSX, Pak International Bulk Terminal has decided to increase paid up capital and issued 16.945% right shares. PIBTL drop their value by 5.00%, PIAA down by 1.32% while, PICT up by 2.53%.Moreover in Engineering Sector, DSL CSAP down their value by 0.19%, 2.15% while KSBP up by 1.16%.

Active list was topped by PIBTL with 35 million shares as it closed at PKR 35.18 with a negative change of PKR 1.85. DSL was the second highest on the volume chart with 16 million shares closed at PKR 10.76 with a negative change of PKR 0.02. It was followed by EPCL with 15 million shares closed at PKR 17.52 with a positive change of PKR 0.34, BOP with 13 million shares closed at PKR 16.92 with a negative change of PKR 0.52.

Today major trading activities were recorded in Commercial Banks Sector as it was traded above 46 million shares followed by Transport sector which recorded the volume of 40 million shares whereas Engineering sparked at 3rd place by trading above 24 million shares.

Highest increase was recorded in the shares of Pak Tobacco, which rose by PKR 50.05 to PKR 1115.05 per share; followed by Siemens Pak, that improved by PKR 41.41 to PKR 1540.33 per share. Major decline was witnessed in the shares of Wyeth Pak Ltd, which fell by PKR 76.73 to PKR 4654.44 per share; followed by Bata (Pak), dropped by PKR 75.00 to PKR 4555.00 per share.

Factors for Today:

·        Oil prices rise on weaker dollar, optimism on output cuts

·        Maple Leaf wins power generation license

·        Collaboration: Chinese delegation expresses interest in textile

·        POL prices likely to increase next month

·        July-November current account deficit up 91%

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Panama Leak Case