Daily Times

KARACHI: Pakistan stocks broke the 33,000 mark on third attempt, as the index on Wednesday recovered losses incurred in the last session. The market remained positive throughout the day as tensions eased with the neighbouring country.

The benchmark KSE-100 touched high of 279.14 points (0.84%) and closed up 228 points (0.69%) at 33,031.71. KMI 30 indexed gained 395.75 points to end the day at 55,096.01 points. KSE All Share appreciated 91.94 points and reached 22,945.45.

The market volumes at 195.42 million continued to expand and reach highest since October 30th. The commercial banks were most traded with 31.17 million shares exchanging hands in the sector. Investors accumulated Silk Bank Limited (SILK +4.28%) after Arif Habib Corporation (AHCL +0.85%) acquired 28% stake in the company. A total of 23.01 million shares of the SILK were traded in the day.

The oil and gas marketing sector was next on the volume table with 30.03 million shares. Sui Southern Gas Company (SSGC +3.72%) was volume leader in the sector.

The cement sector was third on the volume chart with 21.53 million. Dera Ghazi Khan Cement (DGKC|+2.43%) was in lead here. The sector has been grabbing investor attention since announcement of China Pakistan Economic Corridor (CPEC). November dispatch figures show 20% YoY increase in local demand. The market analysts believe the fall in raw material coal and furnace oil prices will boost profitability in near future. Out of the 19 scripts traded, only 3 declined, Fauji Cement Company Limited (FCCL -0.11%), Dewan Cement Limited (DCL -0.22%) and Javedan Corporation Limited (JVDC -2.39%).

Oil sector was seen in green after prices of crude oil rose in the international markets. Mari Petroleum Limted (MARI +5.00%) touched another upper lock while peers Oil and Gas Development Authority (OGDC +1.17%), Pakistan Oilfields Limited (POL +0.26%) and Pakistan Petroleum Limited (PPL +0.49%), all edged up.

The pharmaceutical sector was highlight of the day with 3 upper locks, Highnoon Laboratries (HINOON +5.00%), Ferozsons Laboratries Limited (FEROZ +5.00%) and The Searle Company Rights (SEARLR +5.00%).

Investors were not affected by news of increase in prices by Honda Atlas Cars Limited (HCAR +0.24%) with immediate effect following the raise in duty by the government.

Sazgar Engineering (SAZEW) rose 2.42% despite a fall of 8.45% MoM in production and sales according to a notice issued to KSE.

NetSol Technologies Limited (NETSOL) was up 2.93% after signing contract worth $2.5million with UK Bank to implement finance and leasing platform.

After weeks of selling foreign investors ended up net buyers of $0.21 million. Local banks were major sellers on Wednesday ending up with net selling of $2.09 million.