KARACHI, Sept 5: Stocks on Thursday finished on a mixed note after earlier giving highly erratic performance in the backdrop of final dividend by Hub-Power as the late burst of profit-selling pushed blue chips below their day’s best levels. The KSE index ended with a clipped gain of 5.23 points at 1,992.02 after hitting day’s best level at 2,003.

Most of the analysts predicted a final payout of 50 per cent apparently in line with the other energy sector giants, PSO and Shell Pakistan but the final dividend did not match their perceptions and the consequent sell-off.

Below market expectations final dividend at the rate of 36 per cent by the management of Hub-Power in its London board meeting triggered heavy selling in its share but a spectacular performance by the PTCL kept the underlying sentiment in a good shape. Its counterpart on the forward counters also came in for heavy selling in sympathy and was marked down by 45 paisa at Rs28.10 on 13m shares.

After breaching through the barrier of 2,000 for the third time during the week at 2,003, the KSE 100-share index finally finished around 1,992.02, up 5.23 points from the overnight close.

The entire episode is reminiscence of the last month’s successive abortive bids by the bulls to sustain it above the 1,900-point index level but they have decided to keep it above the 2,000-point, brokers said.

Its hesitancy to stay above the 2,000-point index level owing to repeated bear onslaughts is due to the fact that giants on the other side of the divide pull it down by targeting any one of two bigs, PTCL and Hub-Power, says a member of the KSE adding once the two join hands to sustain it, its next chart point could be 2,200 points.

It was the post-dividend selling by a section of investors, which again pushed it down to finish below this coveted level.

“Together with the interim of 40 per cent, the final dividend of 36 per cent is not a bad return on any investment”, a leading stock analyst Raheel Moosani at the Moosani Securities says “the post-dividend sell-off in Hub-Power is psychological rather than logical”.

Other stock analysts also held the same view and predicted its share could resume the role of a volume leader and trend-setter even tomorrow as cash heavy financial institutions are around to pick it up at the dips.

Floor brokers said bears could have field day but a bull-run on the PTCL and PSO saved the market from a big shakeout, although PSO fell from its early high of Rs205 to close around Rs199.

Energy shares were again on the top of list, rising by Rs2.10 to Rs3.55 for Attock Refinery, Shell Gas, Mari Gas and Pakistan Oilfields. Other good gainers included Bank Al-Habib, Al-Mal Securities, EFU Life, Zulfiqar Industries, Clover Pakistan after a good dividend of 32.5 per cent, Colgate Pakistan and BOC Pakistan, which rose by Rs1.30 to Rs5.35.

Losers were led by Pakistan Services, Nagina Cotton, Lakson Tobacco, Gillette Pakistan, Millat Tractors and Shell Pakistan, off one rupee to Rs4.

Trading volume further rose to 200m shares from the previous 166m shares but losers forced a modest edge over the gainers at 132 to 105, with 79 shares holding on to the last levels.

PTCL topped the list of most actives, up 25 paisa at Rs20.05 on 66m shares followed by Hub-Power, easy 55 paisa at Rs28 on 49m shares, PSO, higher 75 paisa at Rs199 on 30m shares, D.G. Khan Cement, firm by 40 paisa at Rs11.95 on 17m shares and Sui Northern Gas, unchanged at Rs15.35 on 9m shares.

Other actives were led by Chakwal Cement, lower five paisa on 3m shares, National Bank, off 30 paisa on 2.865m shares, Adamjee Insurance, up 20 paisa on 2.4048m shares, Telecard, firm by 10 paisa on 2.135m shares and ICP SEMF, higher 30 paisa on 2m shares.

FORWARD COUNTER: Bulk of the alternate bouts of buying and selling remained confined to Hub-Power, PSO and PTCL. PSO rose by 35 paisa at Rs199.10 on 7.238m shares, while PTCL posted a gain of 15 paisa at Rs20.10 on 7.084m shares. Others were traded modestly.