Karachi, Sept 1: Stocks, on Wednesday, turned volatile as leading investors once again played on both sides of the fence, apparently, awaiting the return of financial institutions in the arena.

Dividend announcements, pouring in during each session, are at the upper prediction levels. Yet, none could prove itself as a bullish market factor. Even related companies failed in generating fresh buying.

Increase in the Treasury Bills' yield, the market's overbought position, and a negative fallout of the Capital Value Tax (CVT) continued to haunt the investors, said a leading stock analyst.

The KSE 100-share index suffered a decline of 25.27 points at 5,320.38 as compared to 5,346.15, a day earlier, as all leading base shares further tended down. It was a repeat performance as the index earlier rose by 20 points on active short-covering in leading base shares. It again fell as the investors sold at early increase.

"There apparently is no bearish reason to attribute to the market's current erratic behaviour", said a leading analyst, adding, "small investors await institutional support, which perhaps would save them from further losses in the backdrop of eroding shares".

Highly erratic movements of the market, notably of index, worried the small investors who failed to fathom the logic of trailing behind big ones for future market direction.

There was no trace of the early rise after mid-session as bears dominated the trading, although selective support at the dips limited the fall. The corporate announcements from half a dozen leading companies were on the higher side of the expectations but these failed in enthusing investors, who chose to keep to the sidelines after unloading their long positions.

All eyes are now focused on the Hub-Power, whose board is meeting in London today (September 2). However, a section of the investors don't expect any positive announcement because of the losses suffered by it owing to a fault in the generator.

Losers, therefore, dominated the list under the lead of Javed Omer, Central Insurance, Pak-Suzuki Motors, Noon Sugar, Pakistan Cables, Atlas Battery, and Lakson Tobacco, off Rs4 to 10.50, the Lakson being major loser.

Other prominent losers included the EFU General, the Pakistan Engineering, the Indus Motors, the Pak-Suzuki Motors after reports of a cut in the duties. The Exide Pakistan and some others were off by Rs3 to 4.

Some leading shares, however, managed to finish further high on stray support, leading among them being the Aventis, the Gillette Pakistan, the Atlas Honda, the HinoPak, the Ferozsons Lab, the EFU Life Assurance and the Unilever Pakistan, which posted gains ranging from Rs4.50 to 15.

They were followed by the Zulfiqar Industries, the Faisal Spinning, the Century Papers, the Security Papers, and the Grays of Cambridge, off by Rs3 to 5. Trading volume fell to 181 million shares from the previous 218 million shares as losers forced a fair lead over the gainers at 187 to 138, with 36 shares holding on to the last levels.

The ICI Pakistan led the list of actives, off Rs225 on 27 million shares, followed by the D.G.Khan Cement, lower 35 paisas at Rs57.65 on 24 million shares, the Pak PTA, easy 40 paisas at Rs13.60 on 19 million shares, the National Bank, lower 10 paisas at Rs70.65 on 15 million shares, the Sui Southern Gas, off one rupee at Rs58.15 on 12 million shares.

Other actives were led by the Lucky Cement, easy five paisas on 11 million shares, the Bank of Punjab, off Rs1.15 on 8 million shares, the PTCL, firm five paisas also on 8 million shares, the Nishat Mills, lower by 55 paisas on 6 million shares and the Maple Leaf Cement off 50 paisas also on 6 million shares.

FORWARD COUNTER: The Pakistan Petroleum led the list of actives, steady five paisas at Rs108.15 on 13 million shares followed by the Sui Northern Gas, lower 95 paisas at Rs58.40 on 4 million shares, the D.G.Khan Cement, off 50 paisas at Rs57.65 on 3 million shares, the National Bank, up 40 paisas at Rs70.85 also on 3 million shares and the OGDC, off 60 paisas at Rs64.80 on 3 million shares.