KARACHI, Sept 20: Stocks finished the weekend session on an easy note as jobbers took profits at the inflated levels in the absence of strong follow-up support from the leading institutional investors.

The selling in part was also attributed to below market expectations dividend by some of the leading oil companies, which had been in strong demand during the pre-dividend sessions and had risen sharply. All the leading energy shares were sharply lower barring Shell Pakistan, which managed to close with an extended gain of Rs.3.

But analysts say the retreat was technical and in no way reflected the market’s inability to breach through the index level of 2,000 just in one go.

However, as was widely speculated, the index failed to touch the high mark of 2,000 and after a slight rise, ended lower by 8.15 points at 1,981.08 as compared to 1,989.23 a day earlier, reflecting the weakness of leading base shares.

However, at no stage the underlying sentiment weakened, and indications are that the market will resume its upturn when it reopens on next Monday.

“The bulls are not inclined to be outwitted by the bears at this stage as they will think about a technical retreat after consolidating the index level above 2,000,” one broker said adding “the next week could witness a sharp turnaround beyond the 2,000 index level thanks to active short- covering in the pivotals.”

Cash dividend at the rate of 30 and 80 per cent by Attock Refinery and Pakistan Oilfields, two leading oil companies seem to have fallen below market expectations and the consequent selling in them.

Floor brokers said their share values had risen sharply during the pre-dividend sessions amid rumours of higher dividend but their final payout triggered a good bit of selling not only in them but also in other energy shares, notably Pakistan Refinery.

But some other said another negative factor, which halted the market’s upward journey, was weekend selling by jobbers and short-term dealers as they were not inclined to hold long positions owing to risk involved in the intervening two official closures.

HinoPak Motors, Dilon, Bannu Woollen, Shell Pakistan and Gatron Industries, which rose by Rs.2.55 to 3 were leading among the gainers. Other notable gainers included Third ICP, Lawrencepur Woollen, Liberty Mills, Al-Ghazi Tractors, HinoPak Motors, Abbott Lab, Berger Paints and Packages, which posted gains ranging from Rs.1.50 to 2.55.

Losers were led by Pakistan Refinery, PSO, Millat Tractors, Attock Refinery and Pakistan Oilfields, off Rs.2.35 to 7.55 followed by Meezan bank, Crescent Textiles, Sapphire Fibre, Cherat Cement, National Refinery and Cherat Papers, off one rupee to Rs.1.90.

Trading volume rose to 109m shares from the previous 102m shares as gainers held a modest lead over the losers at 121 to 110, with 71 holding on to the last levels.

PTCL, topped the list of most actives on reports that its sell-off may be delayed, lower by 15 paisa at Rs.19.95 on 31m shares followed by PSO, off Rs.2.80 at Rs.189.50 on 14m shares, MCB, higher 35 paisa at Rs.27.15 on 12m shares, Engro Chemical, higher 80 paisa at Rs.62.40 on 11m shares, Sui Northern Gas steady 10 paisa at Rs.15.40 on 7m shares, Hub-Power unchanged at Rs.27.50 on 4m shares and National Bank, up five paisa at Rs.22.90 on 3m shares.

Other actives were led by Dewan Salman, up 55 paisa on 6m shares, FFC- Jordan Fertilizer, steady by 15 paisa on 4m shares, and D.G. Khan Cement, lower 25 paisa on 3m shares.

FORWARD COUNTER: Barring heavy selling in PSO, speculative issues on the cleared list performed well under the lead of Engro Chemical, which rose by 65 paisa at Rs.62.40 on 0.879m shares.