KARACHI, Sept 5: Stocks on Friday remained under pressure but leading shares in the energy and some other sectors attracted good support at the falling prices and finished recovered from the previous lows, allowing the broader market to limit its decline.

The market’s resistance to larger decline was also well-reflected in the credible performance of the KSE 100-share index, which after moving either-way, hitting the day’s peak of 4,495.00 at one stage, ended fractionally lower by 1.71 points at 4,463.05 as compared to 4,464.76 a day earlier.

Final dividend at the rate of 21 per cent or Rs2.10 per share of Rs10 by Hub-Power for the year ended June 30, 2003 was slightly below the market expectations of 25 to 30 per cent and caused fresh selling in its share.

Together with the interim of 33 per cent already paid the total comes to 54 per cent and analysts said the late active short-covering in its share in the post-dividend trading reflects that return on investment is not that bad.

Other blue chips, notably in the energy sector also performed credibly well on strong support at the lower levels and so did leading shares on the other counters.

But fresh massive battering received by the auto shares in the backdrop of recent official moves to bring prices down did not allow the broader market to respond to its technical demands.

Most analysts predict that correction witnessed during the last two sessions is now overdone and market could resume its run up during the next week on the strength of expected higher dividend by Pakistan Oilfields, PTCL and some other leading companies due during the current month.

The market has been in an overbought position owing to its sustained upward drive during the last couple of weeks and needed correction that came in the form of profit-selling but the weekend recovery reflects bulls are again in command of the situation and could keep it in a good shape during the coming sessions.

Although carryover charges continue to be on higher side (18 per cent), their negative impact has already been absorbed thanks to smooth settlement of the outstanding business.

“The scare, which created panic-like conditions by the higher badla rates, was nowhere as investors resumed their normal operations despite weekend considerations, allowing the market to recoup some of its losses”, brokers said.

The opening was on the lower side, what the dealers called, fallout of the last two sessions’ heavy battering, although the mid-session witness the return of the bull market.

The KSE 100-share index at one stage rose to day’s peak level of 4,495.00 points on active short-covering, only five short of the crucial level but weekend selling in the afternoon session again pushed down to finish lower.

Leading gainers were led by Pakistan Cables, Rafhan Maize, Pakistan Oilfields and Javed Omer, which posted gains ranging from Rs9.35 to Rs51.35, the largest rise being in Javed Omer.

Other good gainers included Husein Industries, Thal Jute, PSO, ICI Pakistan, Mehmood Textiles, International Industries, Gillette Pakistan, Shezan International and Shell Pakistan, up by Rs2.35 to Rs5.

Losers were led by Pak-Suzuki Motors, National Refinery, Nestle MilkPak, Aventis Pharma and Wyeth Pakistan, off Rs7 to Rs15 followed by Attock Refinery, Al-Ghazi Tractors, Indus Motors, Millat Tractors, Merit Packaging despite a good dividend of 35 per cent, Glaxo-SKF and Abbott Lab, which suffered fall ranging from Rs3.05 to Rs4.

Trading volume fell to 426m shares from the previous 605m shares as losers maintained a strong lead over the gainers at 208 to 130, with 49 shares holding on to the last levels.

Hub-Power topped the list of most actives, off 30 paisa at Rs42.75 on 67m shares followed by Lucky Cement, up by Rs1.25 at Rs23.95 on 33m shares, Pakistan Oilfields, higher by Rs12.25 at Rs377.50 also on 33m shares, PTCL, steady by five paisa at Rs38.10 on 32m shares and Pak PTA, up by 55 paisa at Rs14.50 on 27m shares.

Other actives were led by Japan Power, higher by 30 paisa on 20m shares, Bosicor Pakistan, lower 55 paisa on 18m shares, ICI Pakistan, higher by Rs2.35 on 14m shares and National Bank, up by 30 paisa on 13m shares.

FORWARD COUNTER: Hub-Power also came in for active selling on the forward counter and fell by 30 paisa at Rs42.90 on 13m shares, but PTCL was held unchanged at Rs38.40 on 7m shares.