KARACHI, May 5: Stocks on Wednesday took a technical pause as leading investors played on both sides of the fence rolling positions to those counters where the potential of capital gains is higher. The KSE 100-share index shed 17.21 points at 5,508.48.

It fell to the lot of OGDCL to keep the market in a good shape, which it did remarkably well, averting major decline despite the relative weakness of some other mega issues, including Hub-Power, PTCL and PSO.

An interim cash dividend of 200 per cent by Siemens Pakistan, on the other hand, was well received as its share value surged by another Rs33.50, in addition to Tuesday's gain of Rs27 to close at Rs480.50 on 1,100 shares. Last year, its management had paid a total payout of 260 per cent.

Selective support, however, figured prominently on a number of counters under the lead of blue chips, cement and bank shares, which limited the market decline at least for the near-term.

After moving either-way around 25 points, the KSE 100-share index finally finished with a modest fall of 17.21 points at 5,508.48 as compared to 5,525.69 a day earlier, reflecting the weakness of PTCL and some other leading base shares.

Floor brokers said technical factors, notably decline in carryover rates and upcoming corporate announcements should have allowed the market to scale fresh highs, but the sudden withdrawal of leading operators worried investors about the near-term direction of the market.

"It goes to the credit of OGDCL, which absorbed the negative fallout of the bear onslaught and did not allow the market to fall below a technical level," they said.

They said some of the leading market players were worried over the negative fallout of the current political manoeuvring as it could have an adverse impact on investment climate, notably on the bourses.

"In the similar situations as the prevailing ones, investors prefer to play on both sides of the market rather than taking long positions at lest until the perception of sanity gathers momentum," says an analyst.

But some others said the market appeared to be in a consolidation position as it was preparing to its onward journey to the index level of 6,000 points before the budget next month.

It was in this background that the minus signs forced a strong lead over the plus ones under the lead of Pak Elektron, Packages, Fazal Textiles, Glaxo-SKF, Shell Pakistan, IGI Insurance and HinoPak Motors, off Rs4 to Rs7.50.

They were followed by Clover Pakistan, EFU General, Thal, National Refinery, Pakistan Oilfields, PICIC and Pakistan Tobacco, off Rs2 to Rs3.75. Some of the leading gainers were led by Security Papers, PICIC, EFU Life Insurance, Aventis, Shell Gas, Siemens Pakistan and Javed Omer, which posted gains ranging from Rs9.35 to Rs42.95, the largest rise being in Javed Omer and Siemens Pakistan.

Other good gainers were led by Askari Bank, Noon Sugar, Millat Tractors, Gatron Industries, Rupali Polyester on reports of increase in prices and Adamjee Insurance, which suffered fall ranging from Rs2.25 to Rs3.55.

Trading volume fell to 506m shares from the previous 527m shares as losers held a comfortable lead over the gainers at 175 to 150, with 40 shares holding on to the last levels.

The most active list was topped by OGDCL, up 30 paisa at Rs68.95 on 64m shares followed by Lucky Cement, higher by Rs1.40 at Rs40.95 on 45m shares, PTCL, off 55 paisa at Rs44.75 on 43m shares, Sui Southern Gas, up Rs1.65 paisa at Rs.36 also on 43m shares, National Bank, firm 15 paisa at Rs71.30 on 36m shares and Fauji Cement, lower 30 paisa at Rs16.50 on 33m shares.

Other actives were led by Hub-Power, off one rupee on 26m shares, Maple Leaf Cement, steady by 20 paisa on 26m shares, Nishat Mills, up 75 paisa on 25m shares and D.G. Khan Cement, easy 10 paisa on 23m shares.

FORWARD COUNTER: Hub-Power came in for active selling and fell 75 paisa at Rs34.60 on 9m shares, followed by PTCL, easy 45 paisa at Rs44.90 on 6m shares, FF Bin Qasim, lower 25 paisa at Rs22.20 on 3m shares, MCB, easy 25 paisa at Rs59 on 2m shares and Sui Northern Gas, off 35 paisa at Rs68.70 also on 2m shares.