KARACHI, Oct 21: Stocks on Thursday further eased from their recent higher levels on renewed profit-selling by some of the leading institutional investors amid fears of fresh heavy float from the carryover market.

Energy, barring National and Pakistan Refinery, cement and some of the banks shares were in the forefront of losers on persistent selling by some of the punters and speculative traders.

It appears to be a repeat performance of Wednesday session as the KSE 100-share index earlier again broke the barrier of 5,500 at 5,519 but failed to sustain it in the absence of follow-up support and institutional selling and fell from the day's peak level to close 12.49 points lower at 5,452.87.

Although interim dividend announcements by Hub-Power, Fauji Cement and Pakistan PTA, whose board of directors met yesterday along with other two dozen companies, were missing, higher sales have raised hopes of a better return on investment by the end of the year. Hub-Power, however, showed sharp rise amid hopes of better results during the next quarter.

But Engro Chemical did not disappoint its stakeholder and announced second interim cash dividend at the rate of 20 per cent, making the total for the last nine months to 45 per cent as it has already paid first interim of 25 per cent.

Analysts said first quarter working results of some of the leading companies are well above their original estimate and in a way could well prove a sustaining factor behind the market's future upward journey.

The heating up of the political scenario did worry leading investors amid fears that anything could happen after the united opposition has taken a rigid position on some of the constitutional issues including president's uniform, they said.

"A terribly shaky behaviour of the leading institutional traders reflects this future phenomenon as they play safe and on small margins," says a leading broker. "They enter the market like a hurricane and leave it in the same speed the very next day, leaving others guessing what ails them."

As far as an objective situation indicates, the market is in a very good shape as both the KSE index and the price flare-up backed by higher corporate payouts are at their best for the near-term but some unseen fears are lurking in the investor mind, he says.

The steep increase in gold price to well over Rs8,000 per ten grams and the sudden strength of the US dollar shows that a formidable section of investors is still seeking a refuge in some of the most viable "safe haven".

Leading gainers were led by Valika Art Fabrics, Nestle MilkPak, Abbott Lab, Mehmood Textiles, Berger Paints, AKD Securities, National Refinery and Pakistan Refinery, up by Rs3.95 to Rs11.85.

Losers were led by Arif Habib Securities, PSO, Milllat Tractors, Gatron Industries, Lakson Tobacco and Unilever Pakistan, which suffered fall ranging from Rs3.30 to Rs15 followed by Dawood Hercules, Pakistan Cables, Gul Ahmed Textiles, Bhanero Textiles and some others.

Trading volume rose to 276m shares from the previous 215m shares but losers maintained a fair lead over the gainers at 185 to 103, with 45 shares holding on to the last levels.

The most active list was topped by PTCL, up by 45 paisa at Rs41.05 on 48m shares followed by OGDC, unchanged at Rs66.15 on 30m shares, Fauji Fertilizer Bin Qasim, lower 40 paisa at Rs20.85 on 19m shares, Hub-Power, higher by 80 paisa at Rs30.30 on 17m shares and Engro Chemical, up 45 paisa at Rs100.05 on 9m shares.

Other actives were led by TRG Pakistan, firm by 30 paisa on 19m shares, Nishat Mills, up 45 paisa on 14m shares, DGK Cement, lower 30 paisa also on 14m shares, PICIC Growth Fund, higher by 50 paisa on 13m shares and Fauji Cement, off one rupee on 11m shares.

FORWARD COUNTER: PTCL also topped the list of actives in the cleared list on reports of its privatization, up 35 paisa at Rs41.10 on 15m shares followed by OGDC steady by five paisa at Rs66.30 on 9m shares, DGK Cement, lower 15 paisa at Rs50.95 on 6m shares.